Details of President Obama’s new budget leaked Saturday include new taxes totaling $320 billion over the next ten years, according to Americans for Tax Reform.
Some of the major tax increases include a capital gains rate hike from 23.8 percent to 28 percent.
The budget also would raise the death tax rate from 40 percent to nearly 60 percent.
The new budget will also create a new tax on 529 plans, which are used to grow money tax-free for college.
Additionally, the plan will increase taxes on retirement plans.
All the additional tax increases amount to $320 billion over ten years.
"Democrats are demanding, yet again, tax increases on America. This never ends. When it comes to tax hikes Democrats are like a teenage boy on a prom date: they keep asking the same question different ways but always to the same point," said Grover Norquist, president of Americans for Tax Reform.