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![]() | The President's Budget & Nebraska |
The President’s Budget funds America’s priorities, provides the largest debt reduction in history and provides fair and responsible tax relief. In Nebraska, the budget:
Benefits
an estimated 117,000 Nebraska small businesses and entrepreneurs
by reducing marginal tax rates and making the Research & Development tax
credit permanent.
Provides
tax relief for roughly 631,000 Nebraska citizens who pay taxes.
Provides relief for an estimated 349,000 Nebraska married couples by reducing the Marriage Penalty.
Provides relief for an estimated 169,000 Nebraska families by doubling the Child Tax Credit.
Increases Nebraska's education funding over current levels to more than $241
million to give local schools more tools to ensure that no child is left
behind.
Increases
Nebraska’s Head Start funding over current levels to more than $32 million to
better prepare Nebraska children for success in school.
Increases
funding to more than $143.9 million in housing assistance and services for low-income
Nebraska citizens.
Provides more than $21 million in funding for water resource projects along
Nebraska’s rivers and waterways.
Provides
an estimated $24.9 million to fund Nebraska environmental protection efforts.
Provides
more than $5.9 million to help conserve Nebraska’s natural resources – a
519% increase over current levels just for Nebraska.
Provides
an estimated $218.9 million in highway funding for Nebraska.
Provides
$391 million for programs and grants to help local fire departments and emergency
services in Nebraska and
all across America with training, equipment, and fire fighting and lifesaving
efforts.
Provides
a $5.6 billion National Emergency Reserve to aid Nebraska and other states struck
by disasters.
Increases funding over current levels to more than $5.5 million to help more
Nebraska children awaiting adoption find loving homes faster.
The President’s Budget Funds Important Priorities for Nebraska:
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 $5.9 million targeted for Nebraska’s conservation
efforts; gives the EPA the second highest operating budget ever -- $3.7
billion, with an estimated $24.9 million targeted for Nebraska’s environmental
efforts; and increases funding for the EPA $56 million above the amount
requested by President Clinton.
Nebraska 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 Nebraska citizens in many important ways.
Fair and Responsible Tax Relief for all Nebraska Taxpayers:
Provides
the typical family of four in Nebraska paying income taxes $1,600 in tax relief.
An
estimated 631,000 Nebraska taxpayers stand to benefit by the new, lowered
rate structure.
An
estimated 117,000 Nebraska 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 Nebraska making $35,000 a year will receive a 100% federal
income tax cut.
A
family of four in Nebraska making $50,000 a year will receive a 50% tax cut
– receiving at least $1,600.
A
family of four in Nebraska 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%.