President Obama’s Budget Proposal for the United States

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Table of Contents

Introduction
Body of the paper
Conclusion
Works Cited

Introduction

One of Obama’s budget proposals was to cut taxes for most Americans. According to Obama’s proposal, the Bush-era tax cuts that involved households earning less than 250,000 dollars a year would be extended in the budget. The budget is also expected to have an expansion of the earned income tax credit for the working poor. Top tax rates are expected to increase for households that have an annual income of more than 250,000 dollars and 200,000 dollars for single taxpayers from low of 33% and 35% to 36% and 40% in which higher rates apply to annual income above 373,000 dollars.

Households with an annual income of more than 250,000 dollars would have to pay increased capital gains and dividends according to the proposal. The increase is from 15% to 20%. The proposal would also see deductions for high-income taxpayers cap itemized and a section of their personal exemptions faced out. Contrary to the above, Republicans argue that raising the tax of the wealthy during a downturn would cause more damage to the weak economy and hence not a viable proposal. If taxation for low-income earners is not reduced, then the poor will continue to earn fewer paychecks as a result of heavy taxation and hence a reduction in their spending power. Reduction in the deficit as a result of increased taxation on high-income earners would not have been realized too (Mosca).

Body of the paper

There were no new programs or any changes in the budget proposal for the health and human services department considering that the health care legislation is still in progress. 911 billion dollars was proposed for health where an overwhelming majority of it was aimed at mandatory spending on Medicaid and Medicare, several programs for the poor, elderly and the disabled. Obama’s proposal included requests for 1.7 billion dollars that would be used in fraud reduction, 6.6 billion dollars in the expansion of care for young children and 1.4 billion dollars for food safety improvement. The proposal also includes 995 million dollars to expand the number of nurses and doctors in remote areas which are characterized by low numbers of health workers and 290 million dollars for community health centers that provide services to uninsured and low-income patients. President Obama’s proposal on healthcare seems to focus on the poor and how health care delivery to the poor can be made more effective and inexpensive. If health care delivery to the poor, elderly and disabled is not improved, then they would suffer most considering high health insurance and inefficient services in remote areas as a result of limited number of health workers in those areas (Wolf).

Energy is an important resource for a country and nuclear power contributes 20% of the United States power supply. President Obama’s proposal on energy included calls for the establishment of more nuclear energy plants to supplement the other energy sources which are already stretched. 36 billion dollars in loan guarantees was proposed to help in establishing new plants. Withdrawal of funding for the Yucca Mountain nuclear waste facility in Nevada was also proposed. If nuclear energy is not encouraged by the establishment of new plants, available energy resources would be stretched hence causing increment of costs of power (U. S. Department of State).

Conclusion

In conclusion, most of the items in President Obama’s budget proposal are practical. Tax cuts for low-income earners and increments for high-income earners where the money is used to reduce the deficit is a good strategy for Obama. Making health care available and more so affordable to low-income earners and the poor in remote areas is also a welcomed move. However, funding nuclear energy plants to provide power for the country is not the best option as money would have been better spent on renewable energy sources which are environmentally friendly and much cheaper than nuclear energy.

Works Cited

Mosca, Judy. President Obama’s budget proposal regarding tax cuts. Web.

U. S. Department of State. President Obama’s FY 2010.

International Affairs Budget Proposal. 2010. Web.

Wolf, Richard. Obama’s budget proposal draws rapid fire from legislators. 2010. Web.

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President Obama’s Budget Proposal for the United States

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