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| The President's Budget & New York | |
The President’s Budget funds America’s priorities, provides the largest debt reduction in history and provides fair and responsible tax relief. In New York, the budget:
Benefits an estimated 1.2 million New York small businesses and entrepreneurs by reducing marginal tax rates and making the Research & Development tax credit permanent.
Provides tax relief for roughly 6.5 million New York citizens who pay taxes.
Provides relief for an estimated 3 million New York married couples by reducing the Marriage Penalty.
Provides relief for an estimated 1.5 million New York families by doubling the Child Tax Credit.
Fully funds the Northeast Home Heating Oil Reserve to help protect New York’s families against fuel shortages and price hikes.
Increases New York’s Head Start funding over current levels to more than $407 million to better prepare New York’s children for success in school.
Increases New York’s education funding over current levels to more than $3.2 billion to give local schools more tools to ensure that no child is left behind.
Increases funding to more than $3.5 billion in housing assistance and services for low-income New York citizens.
Provides more than $114 million in funding for water resource projects along New York’s rivers and waterways.
Provides more than $226 million to fund New York environmental protection efforts.
Provides more than $16.7 million to help conserve New York’s natural resources – a 270% increase over current levels just for New York.
Provides an estimated $1.4 billion in highway funding for New York
.Provides $391 million for programs and grants to help local fire departments and emergency services in New York and all across America with training, equipment, and fire fighting and lifesaving efforts.
Provides a $5.6 billion National Emergency Reserve to aid New York and other states struck by disasters.
Increases funding over current levels to more than $209 million to help more New York children awaiting adoption find loving homes faster.
The President’s Budget Funds Important Priorities for New York:
Improving 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.
Protecting Social Security. Locks away every penny of the $2.6 trillion Social Security surplus for Social Security.
Preserving 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.
Strengthening Defense. Improves quality of life of our troops and their families and begins the transition to a 21st century force.
Improving 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.
Protecting the Environment. Fully funds the Land and Water Conservation Fund – a $900 million commitment, with more than $16.7 million targeted for New York’s conservation efforts; gives the EPA the second highest operating budget ever -- $3.7 billion, with more than $226 million targeted for New York’s environmental efforts; and increases funding for the EPA $56 million above the amount requested by President Clinton.
New York Will Benefit from the President’s Historic Debt Reduction:
The 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 New York citizens in many important ways.
Fair and Responsible Tax Relief for all New York Taxpayers:
Provides the typical family of four in New York paying income taxes $1,600 in tax relief.
An estimated 6.5 million New York taxpayers stand to benefit by the new, lowered rate structure.
An estimated 1.2 million New York small businesses and entrepreneurs stand to benefit from the tax cut.
1 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.
A family of four in New York making $35,000 a year will receive a 100% federal income tax cut.
A family of four in New York making $50,000 a year will receive a 50% tax cut – receiving at least $1,600.
A family of four in New York making $75,000 a year will receive a 25% tax cut.
The marginal income tax rate on low-income families will fall by more than 40%.