Obama Tax Plan Hits Foreign Earnings, Boosts Public Works Investment

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Feb. 2 — Mixing a few new revenue-raising ideas with recycled proposals, President Barack Obama's latest budget blueprint includes provisions that would change the way many businesses pay taxes, while financing infrastructure through new taxes on top earners and overseas earnings.

The administration said its tax changes would raise about an additional $640 billion over a decade. Income tax collections would climb due to the changes and to economic growth, officials said. Corporate income tax collections would grow from $320.7 billion in 2014 to $341.7 in 2015, and would approach $500 billion by 2017, the administration said.

Individual income tax collections would climb from $1.4 trillion in 2014 to $1.7 trillion by 2017, the administration said.