Attached are the details on President Obama’s proposed budget for FY2010.

Of particular interest to many of you is the section of the budget found on table S6, line 199-200. Also lines 29 - 43 and how oil and gas companies will be affected.



Specifically, higher taxes on charities and on homes:



Reducing Itemized Deduction Rate for Families With Incomes Over $250,000.– “ Lowering health care costs and expanding health insurance coverage will require additional

revenue. In the health reform policy discussions that have taken place over the past few years, a wide range of revenue options have been discussed—and these options

are all worthy of serious discussion as the Administration works with the Congress to enact health care reform. The Administration’s Budget includes a proposal to limit

the tax rate at which high-income taxpayers can take itemized deductions to 28 percent— and the initial reserve fund would be funded in part through this provision. This

provision would raise $318 billion over 10 years.”



Leader McConnell’s statement on the budget is below.



Let me know if you have any questions…

Lanier



_______________________

Lanier Swann

Policy Advisor

Office of the Republican Leader

Senator Mitch McConnell

S-230, Capitol

202.224.3135





For Immediate Release, Thursday, February 26, 2009

Contacts:

Don Stewart 202-224-2979, Robert Steurer 202-224-8288,
Jennifer Morris 202-224-6871, Courtney Norris 202-224-8285



McConnell Statement Regarding the President’s Budget



WASHINGTON, DC – U.S. Senate Republican Leader Mitch McConnell made the following statement Thursday regarding President Obama’s proposed $3.9 trillion budget:



“Republicans agree with the President that our highest priority is to restart our economy and create jobs. We stand ready to work with him on areas where we can find a bipartisan path, such as entitlements and education reform. However, I have serious concerns with this budget, which demands hardworking American families and job creators turn over more of their hard-earned money to the government to pay for unprecedented spending increases.



“We should be following the lead of American families during these tough economic times and cut unnecessary spending. I agree with the President that we need to make some tough decisions regarding how we spend taxpayer dollars. Unfortunately, at this juncture, while the American people are tightening their belts, Washington seems to be taking its belt off.



“In the coming weeks, we need to see further details and go line by line through the budget. The President has outlined a strong case for giving all Americans, not just members of Congress, a chance to properly review legislation, and I would like to hear what American taxpayers think about how we plan to spend their money.”