President Obama fiercely hits the country with proposed $320 billion tax hike, explained in his annual State of the Union

Obama relentlessly targets America's 'one percent' with his increased tax hikes.

Two years before President Obama's departure, he has vowed to spend his remaining time "playing offense." In his annual State of the Union, Obama will address his proposal to increase tax hikes on America's "one percent."

LOS ANGELES, CA (Catholic Online) - Parts of Obama's tax hiking plan will raise the capital gains rate on high earners, eliminate tax breaks on inheritances and implement a fee on large financial firms lending and borrowing money.

"The middle class has yet to experience the prosperity shown in the recovery and what will be new on Tuesday night is the vision that he has for how we finish that job," said an Obama administration official.

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Together, all of Obama's proposed tax hikes are estimated to raise $320 billion over the next ten years.

Under the new proposals, wealthy couples making more than $500,000 a year will now have a capital gains rate of 28 percent.

Capital gains taxes on securities for trust funds will have to be paid at the time they are inherited. The Obama administration considers the "trust fund loophole" the "single biggest loophole in our tax system today."

Obama's proposal will outline the spending of $175 billion that will directly benefit the middle class. This includes increase in paid leave for workers and his free community college plan.

This year's State of the Union will be Obama's first time having to address a Congress entirely controlled by Republicans. This could go both ways for him; he has the ability to make Republicans publicly defend the wealthy and he faces a lot of open criticism for his increased tax hikes.

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"The president needs to stop listening to his liberal allies who want to raise taxes at all costs and start working with Congress to fix our broken tax code, said Senator Orrin Hatch, Republican chairman of the Senate Finance Committee. "Slapping American small businesses, savers and investors with more tax hikes only negates the benefits of the tax policies that have been successful in helping to expand the economy, promote savings and create jobs."

According to Paul Ryan, former Republican vice president nominee's campaign, "This is not a serious proposal. We lift families up and grow the economy with simpler, flatter tax code, not big tax increases to pay for more Washington spending."

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