President Obama is no longer pressing to raise income tax rates on the rich. But that doesn’t mean he thinks the wealthy are paying enough in taxes.

Outlining his budget proposals to Congress on Wednesday, Mr. Obama pushed to raise more than $600 billion in new revenue, mainly by curbing deductions for the most affluent taxpayers and forcing millionaires to pay a minimum rate of 30 percent. Under the White House plan, deductions for tax breaks like mortgage interest and contributions to charities would be capped at a maximum rate of 28 percent. The caps would limit the value of the breaks to the top 3 percent of taxpayers who face higher marginal tax rates and generate about $529 billion in additional revenue over 10 years.  Read more