President Barack Obama is set to send Congress a nearly $4 trillion budget plan for the 2016 fiscal year on Monday which aims to rebuild the nation's crumbling infrastructure and provide aid for the middle-class by raising taxes on wealthier Americans and billion-dollar corporations.

According to the Obama administration, the budget strategy is aimed at helping "hard-working families get ahead in a time of relentless economic and technological change," reports the Associated Press.

Obama also talked about the proposal during an interview with NBC's "Today Show," saying, "This country's better off than it was four years ago, but what we also know is that wages and incomes for middle class families are just now ticking up. They haven't been keeping pace over the last 30 years compared to, you know, corporate profits and what's happening to folks in the very top."

Obama's fiscal blueprint for the budget year, which begins on Oct. 1, proposes spending $3.99 trillion, while it projects to see $3.53 trillion in revenue.

His ambitious six-year $478 billion public works program would provide upgrades for highways, bridges and transit systems across the country. About half of that money would be funded by a one-time 14 percent tax on the almost $2 trillion that U.S. companies have accumulated overseas.

Another centerpiece of Obama's tax proposal is an increase in the capital gains rate on couples who earn over $500,000 per year, jumping from 23.8 to 28 percent. He also wants to impose a 0.07 percent fee on about 100 U.S. financial companies that own over $50 billion in assets.

As a result, the president projects that those tax increases would generate $320 billion over 10 years in revenue, which would then be used to give low- and middle-class tax breaks.

"These breaks include a $500 credit for two-income families, a boost in the child care tax credit to up to $3,000 per child under age 5, and overhauling breaks that help pay for college," reports the AP.

Obama also is planning to offer students free access to community college, while expanding child care to more than 1.1 million additional young children and implementing universal pre-school.

In addition, Obama's budget would ease automatic cuts to the Pentagon and domestic agencies with a 7 percent increase in annual appropriations and a $38 billion increase for the Pentagon.

The administration says that the president's spending cuts and tax increases would trim the deficits by about $1.8 trillion over the next 10 years.

"We believe this budget shows how we can implement the president's vision ... while also continuing progress on restoring fiscal discipline," a senior administration official said, according to the Wall Street Journal.

However, Congressional Republicans have attacked Obama's proposal and are pushing for a plan that seeks to cut government programs like Social Security, Medicare and Medicaid.

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