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

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

CheckBenefits an estimated 218,000 Connecticut small businesses and entrepreneurs by reducing marginal tax rates and making the Research & Development tax credit permanent.

CheckProvides tax relief for roughly 1.4 million Connecticut citizens who pay taxes.

CheckProvides relief for an estimated 643,000 Connecticut married couples by reducing the Marriage Penalty.

CheckProvides relief for an estimated 300,000 Connecticut families by doubling the Child Tax Credit.

CheckFully funds the Northeast Home Heating Oil Reserve to help protect Connecticut’s families against fuel shortages and price hikes.

CheckIncreases Connecticut's education funding over current levels to more than $369 million to give local schools more tools to ensure that no child is left behind.

CheckIncreases Connecticut’s Head Start funding over current levels to more than $49 million to better prepare Connecticut’s children for success in school.

CheckIncreases funding to more than $425 million in housing assistance and services for low-income Connecticut citizens.

CheckProvides more than $4.5 million in funding for water resource projects along Connecticut’s rivers and waterways.

CheckProvides more than $36 million to fund Connecticut environmental protection efforts.

CheckProvides $5.4 million to help conserve Connecticut’s natural resources – a 288% increase over current levels just for Connecticut.

CheckProvides an estimated $433 million in highway funding for Connecticut.

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

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

CheckIncreases Connecticut’s funding over current levels to more than $16.7 million to help more Connecticut children awaiting adoption find loving homes faster.

The President’s Budget Funds Important Priorities for Connecticut:

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 nearly $5.4 million targeted for Connecticut’s conservation efforts; gives the EPA the second highest operating budget ever -- $3.7 billion, with more than $36 million targeted for Connecticut’s environmental efforts; and increases funding for the EPA $56 million above the amount requested by President Clinton.

Connecticut 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 Connecticut citizens in many important ways.

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

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

Fair and Responsible Tax Relief for all Connecticut Taxpayers:

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

CheckAn estimated 1.4 million Connecticut taxpayers stand to benefit by the new, lowered rate structure.

CheckAn estimated 218,000 Connecticut 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 Connecticut making $35,000 a year will receive a 100% federal income tax cut.

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

CheckA family of four in Connecticut 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%.