The president says he wants to lower the federal income limit for households making less than $250,000.
He also says he would make it harder for people to use tax loopholes to lower their taxable income.
He would cut tax rates on businesses and reduce tax deductions for certain low-income households.
Obama is calling for an $8 trillion stimulus to create jobs, expand health care coverage, expand education and improve the lives of all Americans.
But he has also proposed raising taxes on individuals and businesses.
The White House said Tuesday that Obama would sign the stimulus bill into law.
It will be the second $8-trillion stimulus package signed by a sitting president in just over two weeks.
The first package was signed in February.
The second is expected to be approved in the days ahead.
In his inaugural address, Obama said he would use the tax cut and other measures to stimulate the economy.
The president said he wanted to create an economy that would grow by more than 1.5 million jobs per month by the end of the year, a figure he called an “all-time high.”
In his first term, the economy grew by 1.4 million jobs.
That was a big improvement over the year before.
But in the first two months of 2016, the unemployment rate hit a record high of 10.9 percent, with more than half of Americans unemployed.
Obama said the unemployment level will drop to 7.5 percent by 2020.
That will be a major improvement over 2014, when it was 9.9.
But that’s still far below what was needed to get the economy moving.
The administration says its goal is to keep the unemployment, inflation and jobless rate at 5 percent by 2024.
The economy is expected as much as 4.7 percent over the same period.
More than 5 million Americans are expected to lose their jobs this year, according to the White House.
The economic report from the National Economic Council said the economy added 235,000 jobs in April.
Economists said the government’s figures are likely to be understated because the unemployment benefit checks are delayed.
The unemployment rate for those who have not worked for more than a week jumped to 8.9% in April from 8.6% in March, the highest in the past year.
Economies around the world are already suffering from the economic slowdown.
Japan is struggling with deflationary pressures, and France and Germany are struggling with the fallout from a plunge in oil prices.
U.S. Treasury Secretary Jacob Lew said Wednesday that he has asked Congress to raise the $2,500 income limit to $2.25 million.
But Lew said he won’t raise it beyond that, even if he wanted it to be higher.
He said the stimulus has to be offset by spending cuts and tax increases.
The U.N. human rights chief said Tuesday he is worried about the rise of religious intolerance and discrimination in places like Poland and Hungary.
Human rights activists say the rising number of hate crimes has fueled the spike in anti-Semitic incidents.
UNAIDS chief Jose Graziano da Silva said on Tuesday that there are indications that anti-Semitism is rising in the EU and the United States.
He called on European governments to take a hard line on anti-Muslim rhetoric and other forms of racism.
He added that the U.K. and the U,S.
should also do more to combat anti-Jewish hate crimes.