|The White House
President George W. Bush
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|The President's Budget & Michigan|
The Presidents budget funds Americas priorities, provides the largest debt reduction in history and provides fair and responsible tax relief. In Michigan, the budget:
Benefits an estimated 536,000 Michigan small businesses and entrepreneurs by reducing marginal tax rates and making the Research & Development tax credit permanent.
Provides tax relief for roughly 3.6 million Michigan citizens who pay taxes.
Provides relief for an estimated 1.9 million Michigan married couples by reducing the Marriage Penalty.
Provides relief for an estimated 927,000 Michigan families by doubling the Child Tax Credit.
Increases Michigans education funding over current levels to more than $1.3 billion to give local schools more tools to ensure that no child is left behind.
Increases Michigans Head Start funding over current levels to more than $220 million to better prepare Michigans children for success in school.
Increases funding to more than $686.7 million for housing assistance and services for low-income Michigan citizens.
Provides more than $42 million in funding for navigation and flood control projects in Michigan.
Provides more than $104 million to fund Michigans environmental protection efforts.
Provides more than $ 10.9 million to help conserve Michigans natural resources a 317% increase over current levels just for Michigan.
Provides an estimated $920 million in highway funding for Michigan.
Provides $391 million for programs and grants to help local fire departments and emergency services in Michigan and all across America with training, equipment, and fire fighting and lifesaving efforts.
Provides a $5.6 billion National Emergency Reserve to aid Michigan and other states nationwide struck by disasters.
Increases Michigans funding over current levels to more than $101 million to help more Michigan children awaiting adoption find loving homes faster.
The Presidents Budget Funds Important Priorities for Citizens of Michigan:
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 Medicare 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 & their families & 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 $10.9 million targeted for Michigans conservation efforts; gives the EPA the second highest operating budget ever -- $3.7 billion, with more than $104 million targeted for Michigans environmental efforts; and increases funding for the EPA $56 million above the amount requested by President Clinton.
Michigan 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 Michigan citizens in many important ways.
Fair and Responsible Tax Relief for all Michigan Taxpayers:
Provides the typical family of four in Michigan paying income taxes $1,600 in tax relief.
An estimated 3.6 million Michigan taxpayers stand to benefit by the new, lowered rate structure.
An estimated 536,000 Michigan small businesses and entrepreneurs stand to benefit from the tax cut.
A family of four in Michigan making $35,000 a year will receive a 100% federal income tax cut.
A family of four in Michigan making $50,000 a year will receive a 50% tax cut receiving at least $1,600.
A family of four in Michigan 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%.
1 in 5 taxpaying American families with children will no longer pay income taxes removing 6 million American families from the tax rolls.