print-only banner
The White House Skip Main Navigation
In Focus
News by Date
Federal Facts
West Wing

 Home > News & Policies

PHOTO: President Bush Speaks to Joint Session of CongressThe President's Budget & Alaska

The President’s Budget funds America’s priorities, provides the largest debt reduction in history and provides fair and responsible tax relief. In Alaska, the budget:

Check Benefits an estimated 55,000 Alaska small businesses and entrepreneurs by reducing marginal tax rates and making the Research & Development tax credit permanent.

CheckProvides tax relief for roughly 282,000 Alaska citizens who pay taxes.

CheckProvides relief for an estimated 115,000 Alaska married couples by reducing the Marriage Penalty.

CheckProvides relief for an estimated 72,000 Alaska families by doubling the Child Tax Credit.

Check Increases Alaska's education funding over current levels to more than $236.9 million to give local schools more tools to ensure that no child is left behind.

CheckIncreases Alaska’s Head Start funding over current levels to more than $12 million to better prepare Alaska children for success in school.

CheckIncreases funding to more than $59 million in housing assistance and services for low-income Alaska citizens.

Check Provides more than $17.5 million in funding for water resource projects along Alaska’s rivers and waterways.

CheckProvides an estimated $59 million to fund Alaska environmental protection efforts.

CheckProvides more than $16.5 million to help conserve Alaska’s natural resources – more than a 2,003% increase over current levels just for Alaska.

CheckProvides an estimated $345 million in highway funding for Alaska.

CheckProvides $391 million for programs and grants to help local fire departments and emergency services in Alaska and all across America with training, equipment, and fire fighting and lifesaving efforts.

CheckProvides a $5.6 billion National Emergency Reserve to aid Alaska and other states struck by disasters.

Check Increases funding over current levels to more than $4.9 million to help more Alaska children awaiting adoption find loving homes faster.

The President’s Budget Funds Important Priorities for Alaska:

CheckImproving Education. Provides the Education Department with the largest percentage spending increase of any federal department (11.5% or $4.6 billion) and triples funding for children’s reading programs.

CheckProtecting Social Security. Locks away every penny of the $2.6 trillion Social Security surplus for Social Security.

CheckPreserving Medicare. Spends every dime of Medicare receipts over the next 10 years only for Medicare, increases funding over the next year by $21 billion, and modernizes Medicare with an integrated prescription drug benefit.

CheckStrengthening Defense. Improves quality of life of our troops and their families and begins the transition to a 21st century force.

CheckImproving Healthcare. Doubles funding for NIH medical research on important health issues like cancer, the largest funding increase in NIH history. Creates more than 1,200 new community health centers nationwide to make health care more accessible.

CheckProtecting the Environment. Fully funds the Land and Water Conservation Fund – a $900 million commitment, with more than $16.5 million targeted for Alaska’s conservation efforts; gives the EPA the second highest operating budget ever -- $3.7 billion, with an estimated $59 million targeted for Alaska’s environmental efforts; and increases funding for the EPA $56 million above the amount requested by President Clinton.

Alaska Will Benefit from the President’s Historic Debt Reduction:

CheckThe President’s Budget provides the fastest, largest debt reduction in history and reduces the debt to its lowest share of the economy since World War I, which will benefit Alaska citizens in many important ways.

  • Lower government debt means lower interest rates on Alaska citizens’ home mortgages, car loans, credit cards and other expenses.

  • Future generations of Alaska citizens will not be burdened with repaying our debt obligations.

Fair and Responsible Tax Relief for all Alaska Taxpayers:

CheckProvides the typical family of four in Alaska paying income taxes $1,600 in tax relief.

CheckAn estimated 282,000 Alaska taxpayers stand to benefit by the new, lowered rate structure.

CheckAn estimated 55,000 Alaska small businesses and entrepreneurs stand to benefit from the tax cut.

Check1 in 5 taxpaying families with children will no longer pay any income tax at all – completely removing 6 million American families from the tax rolls.

CheckA family of four in Alaska making $35,000 a year will receive a 100% federal income tax cut.

CheckA family of four in Alaska making $50,000 a year will receive a 50% tax cut – receiving at least $1,600.

CheckA family of four in Alaska making $75,000 a year will receive a 25% tax cut.

CheckThe marginal income tax rate on low-income families will fall by more than 40%.