President Obama's fiscal year 2016 budget tax proposals would raise taxes on the wealthy and multinational corporations stashing profits offshore, while promising middle-class tax cuts.

The Treasury Department released the so-called “greenbook” on Monday containing explanations of the administration's revenue proposals for FY2016. Many of the proposals are not expected to go far in the Republican-dominated Congress, although the administration is holding out hope that it will be able to find some common ground with Republicans who are eager for tax reform.

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