Obama proposes simplifying tax filing in State of the Union

WASHINGTON (Reuters) - President Barack Obama, in his State of the Union address on Tuesday, proposed to simplify tax filing for small businesses and new penalties for companies that do not pay the minimum wage as part of initiatives to help middle-class Americans. Obama also pressed Congress to lift the U.S. trade embargo on Cuba and give him authority to pass trade deals. Senior administration officials who previewed the speech told reporters Obama's upcoming budget would lay out how to end spending cuts known as "sequestration" and pay for additional investments in priority areas by closing tax loopholes. The budget is scheduled to be released on Feb. 2. (Reporting by Jeff Mason, Roberta Rampton and Emily Stephenson; Editing by Sandra Maler)