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

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

CheckBenefits an estimated 60,000 Rhode Island small businesses and entrepreneurs by reducing marginal tax rates and making the Research & Development tax credit permanent.

CheckProvides tax relief for roughly 385,000 Rhode Island citizens who pay taxes.

CheckProvides relief for an estimated 182,000 Rhode Island married couples by reducing the Marriage Penalty.

CheckProvides relief for an estimated 91,000 Rhode Island families by doubling the Child Tax Credit.

CheckFully funds the Northeast Home Heating Oil Reserve to help protect Rhode Island families against fuel shortages and price hikes.

CheckIncreases Rhode Island's education funding over current levels to more than $164 million to give local schools more tools to ensure that no child is left behind.

CheckIncreases Rhode Island’s Head Start funding over current levels to more than $21 million to better prepare Rhode Island children for success in school.

CheckIncreases funding to nearly $139 million in housing assistance and services for low-income Rhode Island citizens.

CheckProvides more than $2 million in funding for water resource projects along Rhode Island’s rivers and waterways.

CheckProvides more than $23 million to fund Rhode Island environmental protection efforts.

CheckProvides $4.5 million to help conserve Rhode Island’s natural resources – a 395% increase over current levels just for Rhode Island.

CheckProvides an estimated $170 million in highway funding for Rhode Island.

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

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

CheckIncreases funding over current levels to $7.8 million to help more Rhode Island children awaiting adoption find loving homes faster.

The President’s Budget Funds Important Priorities for Rhode Island:

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 $4.5 million targeted for Rhode Island’s conservation efforts; gives the EPA the second highest operating budget ever -- $3.7 billion, with more than $23 million targeted for Rhode Island’s environmental efforts; and increases funding for the EPA $56 million above the amount requested by President Clinton.

Rhode Island 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 Rhode Island citizens in many important ways.

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

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

Fair and Responsible Tax Relief for all Rhode Island Taxpayers:

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

CheckAn estimated 385,000 Rhode Island taxpayers stand to benefit by the new, lowered rate structure.

CheckAn estimated 60,000 Rhode Island 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 Rhode Island making $35,000 a year will receive a 100% federal income tax cut.

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

CheckA family of four in Rhode Island 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%.