Obama's Plan For the Middle Class #8

          President Barack Obama will call on Congress to simplify a tax code he deems overly complicated and weighted toward wealthy Americans.The moves - likely to meet resistance from Republicans in Congress - are meant to pay for the long slate of new programs the President began laying out two weeks ago designed to bolster the middle class, including offering two free years of community college to qualified students.
            Obama's aides have been seeking ways to expand a robust economic recovery beyond top earners, who have been buoyed by record closes on Wall Street. He'll also spell out ways to simplify the way taxpayers apply for education and child care credits, including increasing the top child care credit to $3,000.
              To pay for the changes, the administration is proposing about $320 billion in new revenue over the next decade. Obama wants to wring more taxes from investment income - capital gains and dividends - which are taxed at a lower rate than ordinary earnings. Since wealthy Americans are more likely to derive income from investments, they'd bear the overwhelming weight of a higher rate on that type of profit.