U.S. President Barack Obama is calling for new tax breaks for poor and middle-class Americans as part of his government spending proposal for 2015.
Mr. Obama is set to unveil the $3 trillion-plus spending plan Tuesday in a Washington speech. The president is expected to call for larger tax credits for families with young children, as well as expanded tax breaks for more than 13 million childless workers.
In addition, the American leader is proposing 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.
Mr. Obama is also calling for $56 billion in new spending, split between the military and domestic programs. He also wants $300 billion over four years for infrastructure spending, partly to fix the country's crumbling bridges and roads.
In order to pay for his proposals, Mr. Obama will call for eliminating several tax deductions that benefit wealthy Americans.
The president's proposed 2015 spending plan is a reflection of his efforts to address income inequality, the wide disparity between the wealthiest and poorest Americans.
However, the spending proposals advanced by Mr. 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.
But the competing plans also will set the political agenda in Washington as the entire 435-member House of Representatives and a third of the 100-member Senate faces re-election contests in November.
Mr. Obama is set to unveil the $3 trillion-plus spending plan Tuesday in a Washington speech. The president is expected to call for larger tax credits for families with young children, as well as expanded tax breaks for more than 13 million childless workers.
In addition, the American leader is proposing 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.
Mr. Obama is also calling for $56 billion in new spending, split between the military and domestic programs. He also wants $300 billion over four years for infrastructure spending, partly to fix the country's crumbling bridges and roads.
In order to pay for his proposals, Mr. Obama will call for eliminating several tax deductions that benefit wealthy Americans.
The president's proposed 2015 spending plan is a reflection of his efforts to address income inequality, the wide disparity between the wealthiest and poorest Americans.
However, the spending proposals advanced by Mr. 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.
But the competing plans also will set the political agenda in Washington as the entire 435-member House of Representatives and a third of the 100-member Senate faces re-election contests in November.