Experts weigh in: President Obama’s budget proposal.
The details of the president's tax proposals are not out yet. The most interesting proposal appears to be the increase in the EITC for workers without children. The current law credit is tiny and few workers without kids qualify. The proposal would double the rate of the credit and increase the income level at which it phases out, helping many more workers. It would also make it available to workers ages 21 - 24 or 65-66, who are currently ineligible. Evidence suggests that it would encourage labor force participation, especially for very low income single people without kids and there's some bipartisan support. Marco Rubio has endorsed the concept.
Jason Furman and CEA have nice paper on the proposal.