Obama’s Budget Would Shift Tax Benefits From Wealthy to Poor
WASHINGTON - President Obama will propose a series of changes to the tax code in a budget plan Tuesday that would shift benefits from top earners to middle- and lower-income Americans, the White House said.
In his 2015 budget plan, Obama will propose expanding or making permanent tax credits aimed at the working poor, families with young children, and college students. Obama’s budget would also expand access to retirement savings for people who do not have an employer-sponsored retirement plan.
The new tax breaks would be offset by eliminating tax rules that have benefited top earners.
The White House said the president’s proposal would give 13.5 million Americans a tax cut.