NEWNAN BULL

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Posts Tagged ‘President Obama’s 2013 budget

Obama’s Budget Kills The D.C. Opportunity Scholarship Program

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February 17, 2012 - Remember the D.C. Opportunity Scholarship Program? It was a school voucher program established back in 2004 which awarded vouchers to children in D.C. to attend private schools.  According to the Heritage Foundation, student academic  achievement surpassed their peers in government schools and graduation rates increased significantly.

Of course this pissed off the teachers unions so they put pressure on the D.C. mayor who initiated it, and guess what? The mayor gets booted. Now they’ve put the pressure on Obama to finally put an end to the voucher system, and if the budget passes it will funnel $36 million to DC government schools. So much for improving education!

Those students who used a voucher to attend private schools had a 91% graduation rate where government schools had a 55% graduation rate. By the way – the private education costs $8,000 which is less than half of what it cost to educate a child at DC government school at $18,000.

It’s obvious that Obama’s commitment is to the teacher union bosses, union members, and his re-election campaign, not the education of your children. On page 1,318 of Obama’s budget, the DC voucher program comes to an end.

Oh and by the way … Obama’s kiddies go to a private school in Washington. -JRoycroft

The Obama Budget Plan

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February 13, 2012 -  Obama’s new budget plan for Fiscal Year 2013 doesn’t even come close to balancing the budget but does repeat a number of new tax plans on high income earners. The fact is that Obama’s budget will increase the deficit.  The cost for his budget? Deficit spending coming in at $1.33 trillion.

Obama wants another $500 billion in stimulus money … apparently the first $800 billion wasn’t enough … for more transportation projects!  FYI – Transportation projects are union-dominated construction projects. Obama will also make his “changes to the tax code” to make it “fair” so that millionaires will be required to pay at least 30% of their income in taxes.

Here are just a few of the items found in the massive four phone book sized documents.

Individual departments, here’s some examples of what’s in the Obama budget:

  • Agriculture – budget cuts almost 3% or $700 million
  • Commerce – $8 billion budget is increase of 5%
  • Defense – military budget goes down 1%, $5.1 billion
  • Education – almost $70 billion, up 2.5%
  • Energy – $27.2 billion budget is up 3.2%
  • HHS – Health & Human Services up 0.3% to $76.4 billion
  • Interior – $11.4 billion budget up about 1%
  • Justice – $27.1 billion, down 0.4%
  • Labor – $12 billion is slightly down from 2012
  • State Department – $51.6 billion up 1.6%
  • Transportation – $74 billion is up 2%
  • Treasury – up 6.9% to $14 billion; mainly IRS money
  • Veterans – $64 billion is up 4.5%
  • NASA – $17.7 billion is down $59 million
  • Army Corps of Engineers – down 5.4% to $4.7 billion
  • EPA – $8.3 billion, a decrease of 1.2%

Tax increases on the wealthy, list of “Upper-income tax provisions” included in the budget:

  • Sunset the Bush tax cuts for those with income in excess of $250,000 ($200,000 if single)
  • Reinstate the limitation on itemized deductions for upper-income taxpayers
  • Reinstate the personal exemption phaseout for upper-income taxpayers
  • Reinstate the 36-percent and 39.6-percent rates for upper-income taxpayers
  • Tax qualified dividends as ordinary income for upper-income taxpayers
  • Tax net long-term capital gains at a 20-percent rate for upper-income taxpayers

Tax cuts, list of items for “families and individuals” in the Obama budget:

  • Extend the American Opportunity Tax Credit
  • Provide for automatic enrollment in IRAs, including a small employer tax credit, and doubling of the tax credit for small employer plan start-up costs
  • Expand EITC for larger families
  • Expand child and dependent care tax credit
  • Extend exclusion from income for cancellation of certain home mortgage debt

As for the deficit, this budget predicts higher deficits this year than expected, and then lower in the years ahead, but nothing even close to a balanced budget.

  • 2012 deficit estimate – $1.33 trillion
  • 2013 deficit estimate – $901 billion
  • 2014 deficit estimate – $668 billion
  • 2015 deficit estimate – $609 billion
  • 2016 deficit estimate – $648 billion
  • 2017 deficit estimate – $612 billion

Written by J Roycroft

02/13/2012 at 2:33 PM

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