Senior administration official previewed the budget on condition of anonymity to reporters ahead of the release.
Obama will officially propose a new "Buffett tax" named for investor Warren Buffett that phases in a minimum 30 percent tax rate on household income above $1 million, the advisors said.
He had earlier backed the idea but not included it in his budget proposals.
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The White House also will bring back a long-running proposal to cap itemized deductions and exemptions among wealthier taxpayers—starting at household income of roughly $250,000.
The cap would apply to the same list of deductions in years past, officials said. That includes the charitable tax break and the exemption for municipal bond interest.
Obama is not seeking to raise individual tax rates as he has in prior budgets, according to a White House document. For years, he sought to raise rates on household income above $250,000.
The fiscal cliff deal raised rates for households earning more than $450,000 a year, from 35 percent to 39.6 percent.
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Also in the budget is ending the tax break for "carried interest" profits earned by fund managers like those who run private-equity and other investment firms, officials said.
Administration officials also said to expect the White House to pitch familiar ideas to limit energy tax breaks, curb tax shifting to low-tax countries like the Cayman Islands, and a bid to end a tax break for corporate jets.
Obama proposes cutting the top U.S. corporate tax rate to 28 percent from 35 percent, now the highest in the industrialized world.
Obama has said that he backs a full-scale revamp of the entire tax code, both individual and corporate, and a White House summary called the budget proposals a "downpayment."
Top tax-writers in Congress also back a tax rewrite, but the process is fraught with disagreement over how to streamline the code and whether to raise new revenue in the process.