President Barack Obama is proposing new tax credits and job-training programs for workers in his fiscal-year 2015 budget released Tuesday while calling for the tax hike on wealthy Americans known as the "Buffet rule," the elimination of one of Wall Street's favorite tax loopholes, and long-term deficit reduction. Though not all elements of the president's budget will be accepted, it will doubtlessly set the stage for the 2014 mid-term elections.
Obama will discuss his budget plan Tuesday morning from Powell Elementary School in Washington, D.C. After releasing a preview of the budget Monday night that highlighted an expansion of the EITC and elimination of the carried interest tax loophole, the White House released a fact sheet highlighting some elements of the president's plan Tuesday. Here are some other notable elements of Obama's budget as described in the fact sheet:Deficits would be reduced to 1.6 percent of GDP by 2024. The budget proposes to reform and make "permanent the Research and Experimentation Tax Credit to further incentivize private-sector R&D." It would eliminate "$4 billion per year in taxpayer subsidies to the oil gas, and other fuel producers." The budget includes a $302 billion "four-year surface transportation reauthorization proposal" designed to support transit infrastructure projects and create jobs. It would raise the minimum wage to $10.10 and index it to inflation going forward "while also raising the minimum wage for tipped workers for the first time in over 20 years.
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