President Barack Obama sent Congress a $3.9 trillion budget request with increased spending for employment, education and job-training programs to boost the economy, financed partly by trimming tax breaks for upper-income families and some businesses.
U.S. President Barack Obama’s budget will propose tax cuts for low-income families, a retirement savings plan and ask Congress to make permanent certain tax breaks to offset the cost of higher education.
At least 92 U.S. anti-poverty programs that cost a combined $799 billion in the 2012 fiscal year form a “complex web” that often contributes to keeping people poor, according to a report from the House Budget Committee.
President Barack Obama is set to seek a $280 million budget for the U.S. Commodity Futures Trading Commission that, while more than the commission currently gets, is lower than his previous request for an agency that has said it lacks the resources to fully oversee markets, according to people with knowledge of the matter.
Representative Kevin Brady of Texas, chairman of the Joint Economic Committee, said in an interview on Bloomberg Television’s “Political Capital with Al Hunt,” airing this weekend, that a Republican plan to revise the U.S. tax code will benefit large banks by helping them stanch job losses within the industry.
A tax plan from House Ways and Means Committee Chairman Dave Camp would further limit the mortgage- interest break and end the deduction for state and local taxes, according to a nonpartisan congressional summary.