President’s budget would reduce greenhouse gas emissions and eliminate tax breaks for dirty energy
As part of his 2010 budget, President Barack Obama has proposed eliminating billions of dollars in federal subsidies and giveaways to oil and gas companies. The money saved by eliminating these subsidies would be used to encourage clean and renewable sources of energy and to cut taxes for American families. These giveaways, if continued, would cost taxpayers in every state more than $30 billion over 10 years. In Michigan alone taxpayers will finance $840 million in giveaways to oil and gas companies unless President Obama is able to eliminate them in his budget.
Another part of President Obama‘s 2010 budget is a proposal extending the “Making Work Pay” tax cut, a permanent payroll tax reduction for workers and their families. This tax cut would be financed by making companies pay for their greenhouse gas emissions and eliminating tax breaks for dirty energy — capping pollutants at a sustainable level while returning money to working Americans. This tax cut would benefit all individuals making up to $100,000 and families making up to $190,000, approximately 95 percent of American families who draw a paycheck. In Michigan that amounts to 3.6 million working families. You can get more information, and find out how big your tax cut would be, by clicking here.
As a point of contrast, a new analysis by the Center for American Progress Action Fund finds that the current tax system implemented by former President Bush saves Rush Limbaugh over $1.5 million every year. Limbaugh is paid approximately $38 million every year — more than 99.9 percent of American taxpayers. By cutting the rates for the top two income brackets Bush effectively saved Rush $1.5 million a year.
If Obama returns the rates for the top two tax brackets to what they were in the year 2000 in order to cut taxes for American families and invest in health care, energy and education, Rush’s huge savings would be reversed. No wonder he wants President Obama to fail.
