President Barack Obama unveiled his 2015 budget proposal Tuesday, calling for increased spending on welfare with increases in education and research paid for by closing tax loopholes for the wealthy ahead of heated midterm elections.
The stakes of the 2014 midterm elections keep increasing as long-term members of Congress announce retirement and more states become battlegrounds, placing the Democratic majority in the Senate at risk. Obama’s budget appeals to the Democratic liberal base with items including an increase of the Earned Income Tax Credit paid for by closing loopholes for wealthy Americans. Reforming the EITC is an issue with bipartisan support and the White House budget would double the tax credit for childless adults to a total of $1,000 and expand the credit to adults older than 21, which would benefit 13.5 million workers.
“As a country, we’ve got to make a decision if we’re going to protect tax breaks for the wealthiest Americans, or if we’re going to make smart investments necessary to create jobs and grow our economy, and expand opportunity for every American,” Obama said during a news conference on Tuesday.
Announcing his budget at Powell Elementary School in Washington, D.C., Obama also highlighted its proposed investment to partner with states to expand free preschool to 4-year-old children and help families pay child care costs. This initiative would be paid in part by raising federal tobacco taxes.
Read More: http://www.usnews.com/