In addition, for 2010 Obama is also asking for $130 billion for Iraq and Afghanistan and will budget the costs of operations in Iraq and Afghanistan at $50 billion annually over the next several years.";
Pol_09026_Obama_Budgetplan[i++] = new Array("","Health care coverage ","","","","", "", "", "", "", "", "", "", "", "", "", "", "", "", "");
Pol_09026_Obama_Budgetplan[i-1].body = "
The $634 billion down payment on expanding health care coverage is expected to come from a $318 billion increase over 10 years in taxes on the wealthy, defined as couples making more than $250,000 per year and individuals making more than $200,000.
The other half of the money for expanding health care — $318 billion — would come from curtailing payments to hospitals and insurance companies under Medicare and drug payments under Medicaid.
The tax increase would occur by reducing the benefit the wealthy get on tax deductions. As one example, taxpayers in the current top tax bracket of 35 percent would see their tax deduction for every $1 given to charity drop from 35 cents to 28 cents.
The plan proposes achieving $634 billion in savings on projected health care spending and diverting those resources to expanding coverage for uninsured Americans. The $634 billion represents a little more than half the money that would be needed to extend health insurance to all of the 48 million Americans now uninsured.
";
Pol_09026_Obama_Budgetplan[i++] = new Array("","Relief for middle class ","","","","", "", "", "", "", "", "", "", "", "", "", "", "", "", "");
Pol_09026_Obama_Budgetplan[i-1].body = "
Obama seeks to make permanent the $400 annual tax cut due to start showing up in workers' paychecks in April as part of the $787 billion stimulus package just passed by Congress.
Obama's budget also extends the middle class tax cuts passed by the Bush administration in 2001 and 2003. Those cuts were due to expire at the end of 2010. If Congress approves Obama's recommendations, the Bush tax cuts would only expire for couples making more than $250,000 per year.
Tax credits for low- and middle-income individuals would total $770 billion.
";
Pol_09026_Obama_Budgetplan[i++] = new Array("","Veterans assistance","","","","", "", "", "", "", "", "", "", "", "", "", "", "", "", "");
Pol_09026_Obama_Budgetplan[i-1].body = "
Increase funding for veterans services by $25 billion over five years. Also create Centers of Excellence for the hearing and vision impaired. Centers are to provide additional specialty care in areas including prosthetics, spinal cord injury, aging, and women’s health. ";
Pol_09026_Obama_Budgetplan[i++] = new Array("","Domestic budgets ","","","","", "", "", "", "", "", "", "", "", "", "", "", "", "", "");
Pol_09026_Obama_Budgetplan[i-1].body = "Under Obama's plan, domestic agencies would see budget increases, on average, of 7 percent in 2010 over 2009 levels. For example, the Pentagon's budget would see a 4 percent increase, to $534 billion next year, but would then get increases of 2 percent or less over the next several years.
";
Pol_09026_Obama_Budgetplan[i++] = new Array("","New revenue ","","","","", "sub", "", "", "", "", "", "", "", "", "", "", "", "", "");
Pol_09026_Obama_Budgetplan[i++] = new Array("","Capital gains ","","","","", "", "", "", "", "", "", "", "", "", "", "", "", "", "");
Pol_09026_Obama_Budgetplan[i-1].body = "
Obama's budget would raise the capital gains tax to 20 percent and tax dividends at 20 percent for couples earning over $250,000 and singles earning $200,000. The administration estimates that would raise $118 billion from 2010-2019.
Other proposals include:
• Reinstate the 36 percent and 39.6 percent rates for those taxpayers earning over $250,000 (married) and $200,000 (single). Obama's budget estimates it would raise $339 billion from 2010-2019.
• Reinstate the personal exemption phase-out and limitation on itemized deductions for those taxpayers earning over $250,000(married) and $200,000 (single). Obama estimates an increase of $180 billion from 2010-2019.
Total increase on upper-income individuals would total $636.7 billion.
";
Pol_09026_Obama_Budgetplan[i++] = new Array("","Loopholes closing","","","","", "", "", "", "", "", "", "", "", "", "", "", "", "", "");
Pol_09026_Obama_Budgetplan[i-1].body = "
Eliminate overpayments of benefits and tax loopholes to businesses and individuals not entitled. The crackdown is expected save nearly $50 billion, according to the administration. ";
// END editorial data