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Obama's budget: Help for workers, taxes for the rich
Obama's budget: Help for workers, taxes for the rich
By Jeanne Sahadi
President Obama on Tuesday released a nearly $4 trillion budget proposal for 2015 that includes more generous tax breaks for working families while scaling back breaks for the rich.
His budget, while not expected to be enacted by Congress, does offer the president's fiscal policy vision for the country...the White House says Obama's blueprint sticks to the topline spending limits already set by the House and Senate for 2015.
But the plan also features a $56 billion growth and investment package that includes money for universal pre-K, infrastructure and job training. Obama proposes to pay for those initiatives through additional spending restraint and increased revenue.
Impose a "Fair Share Tax": As he has called for before, Obama wants Congress to implement the so-called Buffett Rule, which would require people making over $1 million to pay at least 30% of their income, after charitable contributions, in federal taxes. <...>Cap the value of deductions for high-income households: Obama wants to limit the value of itemized deductions, as well certain tax exclusions, to 28% of the amount claimed. <...>Limit savers' combined balance across tax-preferred accounts: The president wants to prohibit contributions to tax-advantaged retirement accounts once a person's combined balance exceeds a certain level. Such accounts include IRAs and 401(k)s. <...>Raise the estate tax: The president wants restore the 2009 estate tax exemption levels and estate tax rate.
- more -
http://money.cnn.com/2014/03/04/pf/taxes/obama-budget-taxes/
By Jeanne Sahadi
President Obama on Tuesday released a nearly $4 trillion budget proposal for 2015 that includes more generous tax breaks for working families while scaling back breaks for the rich.
His budget, while not expected to be enacted by Congress, does offer the president's fiscal policy vision for the country...the White House says Obama's blueprint sticks to the topline spending limits already set by the House and Senate for 2015.
But the plan also features a $56 billion growth and investment package that includes money for universal pre-K, infrastructure and job training. Obama proposes to pay for those initiatives through additional spending restraint and increased revenue.
Impose a "Fair Share Tax": As he has called for before, Obama wants Congress to implement the so-called Buffett Rule, which would require people making over $1 million to pay at least 30% of their income, after charitable contributions, in federal taxes. <...>Cap the value of deductions for high-income households: Obama wants to limit the value of itemized deductions, as well certain tax exclusions, to 28% of the amount claimed. <...>Limit savers' combined balance across tax-preferred accounts: The president wants to prohibit contributions to tax-advantaged retirement accounts once a person's combined balance exceeds a certain level. Such accounts include IRAs and 401(k)s. <...>Raise the estate tax: The president wants restore the 2009 estate tax exemption levels and estate tax rate.
- more -
http://money.cnn.com/2014/03/04/pf/taxes/obama-budget-taxes/
