BUSINESS
02/13/2012 11:20 EST | Updated 04/14/2012 05:12 EDT

Obama's proposed tax increases on wealthy individuals, corporations at odds with GOP rivals

WASHINGTON - President Barack Obama is proposing an increase in taxes on wealthy individuals and some corporations, putting him at odds with all the Republican presidential hopefuls.

The budget also sets the stage for an ideological battle that won't be resolved until after the November election — if then.

Obama's proposal released Monday calls for a tax reform package that would increase revenue by $1.5 trillion over the next decade. Obama says he wants to simplify the tax code, lowering marginal tax rates while eliminating or reducing tax breaks enjoyed by wealthy individuals and U.S.-based multinational corporations.

Obama's GOP rivals, including former Massachusetts Gov. Mitt Romney, have proposed tax plans that independent experts say would result in lower taxes for corporations and the wealthy.