--- title: Obama To Propose Tax Reforms At State Of The Union | TIME description: White House officials say Obama will propose tax reforms that would raise around $320 billion in revenue over the next decade. canonical: https://time.com/video/CvH7bGD1/ og:title: Obama To Propose Tax Reforms At State Of The Union og:description: White House officials say Obama will propose tax reforms that would raise around $320 billion in revenue over the next decade. og:url: https://time.com/video/CvH7bGD1/ og:image: https://cdn.jwplayer.com/v2/media/CvH7bGD1/poster.jpg?width=720 og:type: video.other twitter:card: summary_large_image twitter:title: Obama To Propose Tax Reforms At State Of The Union twitter:description: White House officials say Obama will propose tax reforms that would raise around $320 billion in revenue over the next decade. twitter:image: https://cdn.jwplayer.com/v2/media/CvH7bGD1/poster.jpg?width=720 --- # Obama To Propose Tax Reforms At State Of The Union > Sponsored content. 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They are at time.com/newsletters and are separate from a paid subscription. ## Video: Obama To Propose Tax Reforms At State Of The Union [Watch (HLS stream): Obama To Propose Tax Reforms At State Of The Union](https://cdn.jwplayer.com/manifests/CvH7bGD1.m3u8) (0:57)  _Published 2015-01-18. White House officials say Obama will propose tax reforms that would raise around $320 billion in revenue over the next decade._ --- Jul 27, 2023 5:46 PM UTC --- ## More From This Series [All Videos](https://time.com/video/) [TIME Raw: Clinton Proposes Caregiver Tax](/video/lUG8AD4W/) ### TIME Raw: Clinton Proposes Caregiver Tax [Trump Tax Reform](/video/74xAYGH3/) ### Trump Tax Reform [Obama Going Rogue on Immigration Reform](/video/zfq4B8AM/) ### Obama Going Rogue on Immigration Reform --- ## Transcript President Obama is expected to propose a series of tax reforms at Tuesday's State of the Union address. Those reforms will likely include closing what the White House calls the trust fund loophole that allows wealthy Americans to skip some taxes when passing on money to heirs. The president also plans to propose tax breaks for dual income families and expand the childcare tax credit. All this speaks to a politically friendly economic message that the Obama White House has always pushed, ensuring wealth is shared by the middle class. And the reforms include placing a fee on large financial firms that make it costly for them to borrow. White House officials say the reforms would raise about $ 320 billion in revenue over the next ten years. But in all likelihood, these proposals won't make it past the Republican- run Congress. Who directly opposes any tax increase on the wealthy. The President is already talking about several ideas he'll deliver at the State of the Union. That includes paid sick leave and cyber security measures. 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