Breaking down Obama’s new tax proposals

President Obama’s fiscal 2017 budget envisions a mix of old and new ideas for taxes that Republicans are labeling a $3.4 trillion tax increase over the next 10 years.

Among the proposals are some far-reaching but now familiar ideas: Obama would curb the tax breaks available to high earners, institute the “Buffett Rule” setting a minimum tax rate for the wealthy, raise capital gains taxes, boost estate taxes, tax big banks, and revamp the taxation of businesses’ international income. He also would create new low-income tax credits or enlarge existing ones.