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|The President's Budget & Virginia|
The Presidents Budget funds Americas priorities, provides the largest debt reduction in history and provides fair and responsible tax relief. In Virginia, the budget:
Benefits an estimated 396,000 Virginia small businesses and entrepreneurs by reducing marginal tax rates and making the Research & Development tax credit permanent.
Provides tax relief for roughly 2.6 million Virginia citizens who pay taxes.
Provides relief for an estimated 1.3 million 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 Virginia's education funding over current levels to more than $825 million to give local schools more tools to ensure that no child is left behind.
Increases Virginias Head Start funding over current levels to more than $90.9 million to better prepare Virginia children for success in school.
Increases funding to more than $539 million in housing assistance and services for low-income Virginia citizens.
Provides more than $67.6 million in funding for water resource projects along Virginias rivers and waterways.
Provides an estimated $58 million to fund Virginia environmental protection efforts.
Provides more than $8.6 million to help conserve Virginias natural resources a 332% increase over current levels just for Virginia.
Provides an estimated $737 million in highway funding for Virginia.
Provides $391 million for programs and grants to help local fire departments and emergency services in Virginia and all across America with training, equipment, and fire fighting and lifesaving efforts.
Provides a $5.6 billion National Emergency Reserve to aid Virginia and other states struck by disasters.
Increases funding over current levels to more than $12 million to help more Virginia children awaiting adoption find loving homes faster.
The Presidents Budget Funds Important Priorities for 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 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 $8.6 million targeted for Virginias conservation efforts; gives the EPA the second highest operating budget ever -- $3.7 billion, with an estimated $58 million targeted for Virginias environmental efforts; and increases funding for the EPA $56 million above the amount requested by President Clinton.
Virginia 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 Virginia citizens in many important ways.
Fair and Responsible Tax Relief for all Virginia Taxpayers:
Provides the typical family of four in Virginia paying income taxes $1,600 in tax relief.
An estimated 2.6 million Virginia taxpayers stand to benefit by the new, lowered rate structure.
An estimated 396,000 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 Virginia making $35,000 a year will receive a 100% federal income tax cut.
A family of four in Virginia making $50,000 a year will receive a 50% tax cut receiving at least $1,600.
A family of four in 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%.
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