Money Matters
Posted by Michelle Moquin on March 24th, 2014
Good morning!
Obama’s plan to create an economy that works for all Americans.
Here’s the write:
A Progressive Vision
5 Important Things In The President’s Budget
President Obama released his administration’s fiscal year 2015 budget requesttoday. It serves an important purpose in detailing the administration’s vision for investing in the future of the country and establishes an important contrast with Congressional Republicans. The latest GOP salvo in the budget wars, offered by Rep. Paul Ryan (R-WI) yesterday, was filled with what we’ve come to expect:another attack on decades of successful anti-poverty programs. President Obama’s, meanwhile, contains a number of pro-growth policies and investments that will help create an economy that works for all Americans, not just the wealthy few. Here are five of the most important:
1. Expands the Earned Income Tax Credit (EITC). The President’s Budget doubles the maximum credit from $500 to $1,000 for 13.5 million low-income childless adults, putting more money back in the pockets of low-income working Americans. The credit has also been extended to young workers aged 21 to 24, adding further support to those individuals at the start of their careers.
Some conservatives have countered the progressive campaign to raise the minimum wage by saying that the EITC is a better alternative to help low-income workers. While the President and the progressive community have no intention of stopping the fight for a higher minimum wage, in this budget Obama has called their bluff in his expansion of the EITC — how will Republicans respond?
2. Significantly Extends The Child Tax Credit. Childcare be often be so expensive for families with young children that it can keep a parent from working full-time. The President’s Budget would extend the Child Tax Credit, particularly for families with children under age five. According to the White House, about 1.7 million families would benefit from the expansion in 2015, receiving an average tax cut of $600.
3. Invests $302 Billion Over Four Years In Transportation Infrastructure. As America’s roads and bridges are falling apart, the President’s focus on transportation infrastructure in this budget took a critical step forward in two ways. First, it draws almost half of the budget request–$150 million–directly from new revenues earned through closing tax loopholes. Second, it prioritizes “fix-it first” investments: those highways, bridges, roads, subways, bus services, and more, that are among the most in need of repair.
4. Promotes Smart Fiscal Responsibility. The budget predicts the following savings from smart policies:
- $402 billion in additional health savings from the Affordable Care Act as well as innovations for Medicare and Medicaid;
- $650 billion over a decade by creating a smarter, more efficient tax code including closing corporate tax loopholes and implementing the “Buffett Rule” so that millionaires pay no less than 30 percent of their income;
5. Reiterates Support For Comprehensive Immigration Reform. Immigration reform is a no-brainer, estimated to reduce the deficit by $1 trillion and increase economic growth by $1.4 trillion over twenty years. It is supported by the vast majority of American interests: businesses, faith leaders, labor unions, many Republican lawmakers, and most important almost 9 in 10 voters. And it would help more than just the 11 million undocumented immigrants in this country — it would have huge benefits for American workers as well.
BOTTOM LINE: The President’s budget is a bold progressive document that calls for an end to an era of austerity by investing in working Americans and strengthening the economy for everyone and not just the wealthiest few. Republicans, even while finding that many anti-poverty programs are actually very effective, continue to castigate many low-income Americans and remain opposed to commonsense polices that would spur the economy and reduce the deficit.
*****
Blog me.
Howie: Yes, it made me happy too. Let’s expect that will be the end of it. With respect to your post, I have read writes about the beloved bees and their plight is tragic not just for them, but as you mentioned, for our future too. Will something be done? I HOPE that answer is yes and the bees get the support that is needed.
Peace & love….
Lastly, greed over a great story is surfacing from my “loyal”(?) readers. With all this back and forth about who owns what, that appears on my blog, let me reiterate that all material posted on my blog becomes the sole property of my blog. If you want to reserve any proprietary rights don’t post it to my blog. I will prominently display this caveat on my blog from now on to remind those who may have forgotten this notice.
Gratefully your blog host,
michelle
Aka BABE: We all know what this means by now :)
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March 24th, 2014 at 11:28 am
Tax revenues would rise as a percentage of the economy.
Oh, if only the policy makers could actually engineer that for their schemes.
March 24th, 2014 at 11:29 am
Looks like the usual raise taxes now, cut spending later BS to me.
Fortunately, we all know this budget, like every budget proposed by this administration, is DOA.
March 24th, 2014 at 11:30 am
Do former presidents receive a govt pension? I’d really like a few chief executives to have to file BK and squeak by like the rest of the prols.
March 24th, 2014 at 11:31 am
Dean, Fortunately, we all know this budget, like every budget proposed by this administration, is DOA.
Never underestimate the power of WarBoehner.
March 24th, 2014 at 11:32 am
I’d really like a few chief executives to have to file BK and squeak by like the rest of the prols.
“Nobody ever went broke underestimating the intelligence of the American People.”
March 24th, 2014 at 11:36 am
Social Security has been being reduced by the same process the banksters have been using to rob 99% of us for decades. An economist has proven that the inflation rate is a gross fraud. In the 10 years prior to the 2008 financial collapse inflation was running 9.5% yearly on average while the government was claiming 2.5%.
So if your income increased by 2.5% a year then you’ve actually had a 70% reduction in income over those ten years. This is why 2 people working collectively 112 hours a week (this was the average hours worked in the mid 90s, I don’t have recent numbers) have a significantly lower standard of living then a single income family working forty hours a week 40 years ago, despite our nation actually being much wealthier.
March 24th, 2014 at 11:37 am
Obama is a traitor to those that voted for him. – His betrayal shows he is merely a puppet for corporations. For a few to have more than they need, many will have less than they need.
March 24th, 2014 at 11:37 am
“This is the best we can do, folks. This is what we have to offer. It’s what our system produces: garbage in, garbage out.” ~George Carlin~
March 24th, 2014 at 11:38 am
Why does every politician think that every time they need to find money that smokers must pay. Does he not realize that low & middle income people make up a majority of smokers
March 24th, 2014 at 11:38 am
He’s a liar and all about big money. He doesn’t deserve our respect since he betrayed us all with his campaign lies.
March 24th, 2014 at 11:40 am
Howie, when I read your reply the other day I tried repeatedly to get in to say. OMG……………you have said this so well………..I thank you for that! Please continue to give voice to this truth. Thank you again.
March 24th, 2014 at 11:42 am
Rowen#:
Ah the “holier than thou” non or worse ex smokers. Like has been done for years now on the state level, taxes have been repeatedly raised on cigarettes, and the reasoning? get smokers to stop.
In the meantime, those expected taxes ARE put into the budget. Then people either smoke cheaper, smoke less or … quit. And all the projected tax money never shows up. Now what? Who’s next to demonize?
Let’s see … oh a “twinkie tax” – a tax on all fast food, candy, chips, doritos, you name it if it’s fast or junk food there’s an extra tax on it (and that includes soda)
What else … a gaz azz tax – many people do need to drive to get to the market, the train station, etc. But you know, a lot of people get in the car and drive 5 minutes to the local corner store to pick up a quick loaf of bread … nah, time to start walking or riding a bicycle or pay an extra gaz azz tax for being lazy
Umm … a boozer tax – anything alcoholic, an extra tax, whether it’s a 6-pack to watch the game with or a bottle of fine wine to have with dinner or the Friday night martini. Anything with alcohol gets a boozer tax
There’s 3 new sources of revenue, at least 2 of them have a potential of raking in some good money, at least until people wake up and start eating and drinking a little healthier.
And btw? I don’t smoke, I’m just tired of seeing smokers being the bad guys and blamed for everything. I’ve seen the standing at the corner waving arms and coughing a block away while trucks and buses go past you … but you don’t breathe any of those fumes in, do you. Just that lone smoker down the street, tsk.
March 24th, 2014 at 11:42 am
Rowen#9, Yes. they do realize that.
March 24th, 2014 at 11:44 am
Rowen#9, smokers are also the ones sitting in subsidized housing hooked up to oxygen and taking 25 pills a day to exist in retirement and being carted to the ER in an ambulance to have some cardio-pulmonary issue examined with several days hospital stay.
And so by collecting those taxes now, it may help reduce the burden of those of us who try to live healthier lives and already pay through the nose.
March 24th, 2014 at 11:45 am
Some will never acknowledge what a black man name President Obama as done for this country, simply because he is a black man.
March 24th, 2014 at 11:46 am
Mark#14, Really? only smokers are the ones “sitting in subsidized housing …”? Odd, I am a single, have no family or other support than my SSDI because I am permanently disabled and have recently applied for low income (subsidized) disabled/senior housing.
There’s a good chance at some point I will need oxygen due to left ventricle hypertrophy and I do already have to take a number of pills. However, the building is a non-smoking building, I don’t smoke and I’m a vegetarian (first by choice now by necessity having $40 a month to buy food with). So that kind of blows your generalization out of the water some
March 24th, 2014 at 1:18 pm
So Rowen#6, you wouldn’t be effected by this tax at all. Ok, what was your point?
March 25th, 2014 at 12:45 pm
Why can’t I post to your blog.