President Obama on Wednesday blasted Donald Trump Donald John TrumpObama calls on Senate not to fill Ginsburg's vacancy until after election Planned Parenthood: 'The fate of our rights' depends on Ginsburg replacement Progressive group to spend M in ad campaign on Supreme Court vacancy MORE's tax plan, saying it would "help people like him."

During a speech on the economy in Indiana, Obama criticized the tax proposal from the presumptive Republican nominee, asserting it would disproportionately benefit the wealthy and increase budget deficits.

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"That will not bring jobs back," Obama said."That is not fighting for the American middle class. That will not help us win. That is not going to make your lives better. That will help people like him."

Trump's plan would lower the top individual tax rate from 39.6 percent to 25 percent and lower the top corporate tax rate from 35 percent to 15 percent. He has suggested the proposal would be open to negotiations with Congress.

The Obama administration, meanwhile, has recently taken action to deter companies from reincorporating overseas for tax purposes and to crack down on those who are trying to evade taxes by hiding money in offshore shell companies.

Obama blasted Republicans for opposing these efforts. "How do they explain it?"

The president suggested that the wealthy could contribute more to help pay for increasing Americans' retirement security.

"We can't afford to weaken Social Security, we should be strengthening Social Security," he said. "And not only do we need to strengthen its long-term health, it’s time we finally made Social Security more generous, and increased its benefits so that today’s retirees and future generations get the dignified retirement that they’ve earned."

Liberal and retirement groups praised Obama's remarks on Social Security.

CREDO Political Director Murshed Zaheed said that the president's call for expanding benefits is "a huge reversal from the days when President Obama sought a so-called ‘grand bargain’ with Republicans that included cuts to Social Security benefits.”

Richard Fiesta, executive director of the Alliance for Retired Americans, was pleased with Obama's comments and called on Congress to act.

"It’s time for Congress to pass one of the many bills that has already been introduced to make a more secure retirement for current and future retirees.”

-updated at 7:27 p.m.