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| The President's Budget & West Virginia | |
The President’s Budget funds America’s priorities, provides the largest debt reduction in history and provides fair and responsible tax relief. In West Virginia, the budget:
Benefits more than 92,000 West Virginia small businesses and entrepreneurs by reducing marginal tax rates and making the Research & Development tax credit permanent.
Provides tax relief for roughly 546,000 West Virginia citizens who pay taxes.
Provides relief for an estimated 356,000 West Virginia married couples by reducing the Marriage Penalty.
Provides relief for an estimated 140,000 West Virginia families by doubling the Child Tax Credit.
Increases West Virginia’s education funding over current levels to more than $302 million to give local schools more tools to ensure that no child is left behind.
Increases West Virginia’s Head Start funding over current levels to more than $48 million to better prepare West Virginia’s children for success in school.
Increases funding to more than $190.9 million in housing assistance and services for low-income West Virginia citizens.
Provides more than $80 million in funding for water resource projects along West Virginia’s rivers and waterways.
Provides more than $37 million to fund West Virginia’s environmental protection efforts.
Provides more than $4.8 million to help conserve West Virginia’s natural resources – a 398% increase over current levels just for West Virginia.
Provides an estimated $320 million in highway funding for West Virginia.
Provides $391 million for programs and grants to help local fire departments and emergency services in West Virginia and all across America with training, equipment, and fire fighting and lifesaving efforts.
Provides a $5.6 billion National Emergency Reserve to aid West Virginia and other states nationwide struck by disasters.
Increases West Virginia’s funding over current levels to more than $7 million to help more West Virginia children awaiting adoption find loving homes faster.
The President’s Budget Funds Important Priorities for West Virginia:
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 $4.8 million targeted for West Virginia’s conservation efforts; gives the EPA the second highest operating budget ever -- $3.7 billion, with more than $37 million targeted for West Virginia’s environmental efforts; and increases funding for the EPA $56 million above the amount requested by President Clinton.
West Virginia 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 West Virginia citizens in many important ways.
Provides the typical family of four in West Virginia paying income taxes $1,600 in tax relief.
An estimated 546,000 West Virginia taxpayers stand to benefit by the new, lowered rate structure.
An estimated 92,000 West Virginia 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 West Virginia making $35,000 a year will receive a 100% federal income tax cut.
A family of four in West Virginia making $50,000 a year will receive a 50% tax cut – receiving at least $1,600.
A family of four in West Virginia 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%.