Tonight is the second-to-last State of the Union for President Obama, and for the first time in four years the speech will touch on housing.

Overall, it’s expected Obama will announce a number of initiatives that will be virtually dead-on-arrival in the new, Republican-controlled House and Senate, including $320 billion in new tax hikes on the investments, capital gains, and dividends, as well as proposals for what the White House calls free community college and mandatory paid sick leave.

But he will also tout the recent executive action to lower Federal Housing Administration premiums, which the White House says will save homeowners who go through Fannie Mae and Freddie Mac an average $900 a year.

He will also call for a new tax credit for working families and expanding the child care tax credit.

The centerpiece of the president's tax proposal is an increase in the capital gains and dividends rate on couples making more than $500,000 per year to 28%.

Obama has already raised the top capital gains rate from 15% when he took office to its present level of 23.8%.