Obama again proposes limits on multinational companies' ability to defer income taxes on profits they earn outside the U.S. Corporations such as Microsoft Corp. and Cisco Systems Inc. have argued against the proposals in previous years. Those provisions would raise an estimated $129 billion over 10 years.

Oil, Gas Taxes

The budget would raise about $46 billion in proposals to change the tax treatment of oil, gas and coal companies. It reduces the impact of a "bank fee" to recoup the cost of the Troubled Asset Relief Program from $90 billion to $30 billion.

Obama has called for an overhaul of the corporate tax code that would lower rates and broaden the tax base. The international and energy tax increases in the budget plan were not accompanied by a rate cut or any details of an overhaul.

The budget revives a proposal that Congress pass legislation requiring executives of investment partnerships including private-equity firms to pay ordinary tax rates on the profits they receive as compensation. This pay, known as carried interest, currently can qualify for lower capital gains tax rates. The proposal would raise $14.8 billion over 10 years.

Scaled-Back Version

In making that proposal, the administration appears to be favoring a scaled-back version of the carried interest plan considered in the Senate last year. In his previous budget, Obama proposed more extensive limits on carried interest that would have raised $24 billion over 10 years.

Obama is proposing an array of tax incentives. They include the elimination of capital gains on some small business stock, a permanent extension of the tax credit for business research, and extension of a tuition tax credit. He is proposing to revive the Build America Bonds program, which expired at the end of 2010.

The administration also wants to send $250 this year to Social Security recipients and to some government employees who aren't benefiting from the payroll tax cut included in the December tax law.

The budget plan includes changes to simplify tax laws. For example, it would allow auto dealers to collect a $7,500 tax credit on the sale of plug-in electric cars rather than require buyers to wait until they file tax returns to claim the credit.