|The President's Budget & Illinois|
The Presidents Budget funds Americas priorities, provides the largest debt reduction in history and provides fair and responsible tax relief. In Illinois, the budget:
Benefits more than 700,000 Illinois small businesses and entrepreneurs by reducing marginal tax rates and making the Research & Development tax credit permanent.
Provides tax relief for roughly 4.5 million Illinois citizens who pay taxes.
Provides relief for an estimated 2.2 million Illinois married couples by reducing the Marriage Penalty.
Provides relief for an estimated 1.2 million Illinois families by doubling the Child Tax Credit.
Increases Illinois education funding over current levels to more than $1.5 billion to give local schools more tools to ensure that no child is left behind.
Increases Illinois Head Start funding over current levels to more than $253 million to better prepare Illinoiss children for success in school.
Increases funding to more than $1.3 billion for housing assistance and services for low-income Illinois citizens.
Provides more than $218 million in funding for water resource projects along Illinois rivers and waterways.
Provides more than $118 million to fund Illinois environmental protection efforts.
Provides more than $ 12.6 million to help conserve Illinois natural resources a 305% increase over current levels just for Illinois.
Provides an estimated $955 million in highway funding for Illinois.
Provides $391 million for programs and grants to help local fire departments and emergency services in Illinois and all across America with training, equipment, and fire fighting and lifesaving efforts.
Provides a $5.6 billion National Emergency Reserve to aid Illinois and other states nationwide struck by disasters.
Increases Illinois funding over current levels to more than $69 million to help more Illinois children awaiting adoption find loving homes faster.
The Presidents Budget Funds Important Priorities for Illinois:
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 childrens 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 $12.6 million targeted for Illinoiss conservation efforts; gives the EPA the second highest operating budget ever -- $3.7 billion, with more than $118 million targeted for Illinoiss environmental efforts; and increases funding for the EPA $56 million above the amount requested by President Clinton.
Illinois Will Benefit from the Presidents Historic Debt Reduction:
The Presidents 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 Illinois citizens in many important ways.
Fair and Responsible Tax Relief for all Illinois Taxpayers:
Provides the typical family of four in Illinois paying income taxes $1,600 in tax relief.
An estimated 4.5 million Illinois taxpayers stand to benefit by the new, lowered rate structure.
An estimated 700,000 Illinois 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 Illinois making $35,000 a year will receive a 100% federal income tax cut.
A family of four in Illinois making $50,000 a year will receive a 50% tax cut receiving at least $1,600.
A family of four in Illinois 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%.