— Make permanent the American Opportunity Tax Credit, which provides students with up to $2,500 a year for college expenses, saving taxpayers $137 billion over the next decade.
— Enhance and make permanent the research and experimentation tax credit, saving businesses $109 billion over the next decade.
— Extend through 2012 a provision that allows businesses to more quickly write off the cost of new equipment such as computers, saving them $31 billion over the next decade.
— Provide a tax credit for employers that increase their payrolls in 2012. Employers could get a tax credit equal to 10 percent of the increase in wages subject to Social Security taxes. The tax credit would save businesses $18 billion.
— Raise $143 billion over the next decade by increasing estate and gift taxes, and changing the way some trusts are taxed.
— Increase taxes on U.S.-based multinational corporations by $148 billion over the next decade, in part by changing the way foreign tax credits are calculated and restricting the ability to defer taxes on foreign profits by limiting deductions for interest expenses.
— Raise $61 billion over the next decade by imposing a fee on financial institutions with more than $50 billion in assets. The fee, which is designed to recover the costs of the Wall Street bailout, would be based on the covered liabilities of a financial firm.
— Raise $30 billion over the next decade by eliminating tax breaks for oil, gas and coal companies.
— Raise $87 billion over the next decade by requiring businesses to change the way they value their inventory for tax purposes.
Treasury Department: www.treasury.gov
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