Kerry on Obama Budget Overview: "Honest Change in our Priorities"
Senator John Kerry (D-Mass.), a senior member of the Finance Committee, released the following statement on President Obama's budget for 2010:
"After eight years of missed opportunities and slight of hand budget gimmicks to hide reality, this budget reflects an honest change in Washington that begins to reckon with our biggest challenges," said Senator Kerry on the President's proposal. "Finally we have a President who is up front about the true costs of war in Iraq and Afghanistan, and finally we have a President grappling with big challenges here at home. For too long, our tax system has rewarded exorbitant wealth over hard work. That ends today. The President's budget will give 95% of Americans a permanent tax cut to give relief to millions struggling. The more than $630 billion committed to health care will cut costs and provide a down payment towards covering every American. The cap and trade proposal demonstrates that real global climate change solutions are a top priority for this President. This is nothing short of a sober, honest assessment of where our country stands and a tough, realistic plan to get our budget in line with our priorities."
Several of Senator Kerry's initiatives were include in the 2010 proposal. They include:
* High-Speed Rail. The President committed $1 billion a year high speed train transportation in addition to the $8 billion provided by the American Recovery and Investment Act of 2009.
* Earned Income Tax Credit. Makes changes included in the American Recovery and Reinvestment Act of 2009 permanent.
* Saver's Credit. Saver's credit and automatic 401(k)s will be expanded under the President's new plan.
* College Tax Credit. The new college tax credit becomes permanent under this proposal.
* Reform Deferral. The budget proposed to make changes to the practice which rewards multinationals companies for creating jobs overseas.
* Capital Gains Tax. The budget eliminates capital gains tax for small businesses
* Oil and Gas Preferences. The President's budget eliminates oil and gas preferences following legislation introduced by Senator Kerry in the 109th and 110th Congresses.