News / Economy

    2015 US Budget Calls for Poor and Middle-Class Tax Breaks

    President Barack Obama sits with Marcus Wesby and other preschool student during his visit to Powell Elementary School in the Petworth neighborhood of Washington, March 4, 2014.
    President Barack Obama sits with Marcus Wesby and other preschool student during his visit to Powell Elementary School in the Petworth neighborhood of Washington, March 4, 2014.
    VOA News
    U.S. President Barack Obama is calling for new tax breaks for poor and middle-class Americans as part of his $3.9 trillion government spending proposal for 2015.

    In unveiling the budget Tuesday, the president called for larger tax credits for families with young children, as well as expanded tax breaks for more than 13 million childless workers.

    The president said his proposed 2015 spending plan is a reflection of his efforts to address income inequality, the wide disparity between the wealthiest and poorest Americans.

    "Our budget is about choices.  It is about our values.  As a country we have got to make a decision if we are going to protect tax breaks for the wealthiest Americans or if we are going to make smart investments necessary to create jobs and grow our economy and expand opportunity for every American," said President Obama.

    U.S. Budget - Fiscal Year 2015U.S. Budget - Fiscal Year 2015
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    U.S. Budget - Fiscal Year 2015
    U.S. Budget - Fiscal Year 2015
    In order to pay for his proposals, Obama proposed to eliminate several tax deductions that benefit wealthy Americans.

    The spending proposals advanced by Obama, a Democrat, are likely to meet stiff opposition from Republican lawmakers in Congress.  They have often called for cuts in government spending and lower taxes.

    The competing ideas will set the political agenda in Washington as the entire 435-member House of Representatives and a third of the 100-member Senate face re-election contests in November.

    Obama also proposed to make permanent a tax credit for those paying college tuition, and create automatic retirement accounts for millions of workers without an employer-sponsored retirement plan.

    The proposed budget also asks for $56 billion in new spending, split between the military and domestic programs.  He wants $300 billion over four years for infrastructure spending, partly to fix the country's crumbling bridges and roads.

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    Comment Sorting
    Comments
         
    by: germansmith from: Miami
    March 04, 2014 9:17 PM
    Here comes the man trying to buy another bunch of seats in Congress by giving somebody's else money away.

    by: Martha from: Texas
    March 04, 2014 10:40 AM
    Poverty, there is no poverty in this country just lazy people
    In Response

    by: Long from: Washington
    March 04, 2014 7:35 PM
    Are u sure? How can you think they are lazy?

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