BREAKING: Obama to propose tax hikes on the wealthy; tax breaks for middle class

President Obama plans to use his State of the Union speech to target tax loopholes that benefit the wealthy, while offering new tax breaks for middle-class items like child care, White House officials said Saturday. The Obama administration said that closing loopholes for the wealthy would generate revenue of $320 billion over 10 years; the new tax breaks that Obama plans to propose would cost $235 billion over 10 years. FOR MORE ON THIS STORY, GO TO:   USATODAY.COM