President Releases FY 2010 Budget Recommendations
February 26, 2009
The White House released its proposed Fiscal Year 2010 budget this morning. Take a look at the budget on the Office of Management and Budget website. (View the summary tables PDF here.)
The Office of Management and Budget estimates that FY 2009 (the current fiscal year) will involve $2.19 trillion in revenues and $3.94 trillion in outlays, with a $1.75 trillion deficit. That equates to 12.3% of GDP.
Some other notes:
- “Climate Revenues” (cap and trade) of about $80 billion per year beginning FY 2012
- $250 billion placeholder in FY 2009 for “additional financial stabilization efforts”
- Making Work Pay Credit made permanent at about $64 billion per year
- Expand EITC at about $4 billion per year
- Expand refundability of Child Tax Credit
- Provide American Opportunity Tax Credit
- Reinstate Superfund taxes
- Repeal of some tax benefits to oil companies
- Reinstate 36% and 39.6% brackets for singles over $200k and married over $250k starting FY 2011
- 20% cap gains and dividends rate
- Maintain estate tax at 2009 level
- Index AMT for inflation from 2009 level
- “National Infrastructure Bank”—$5 billion per year beginning FY 2010
- “Seigniorage”—the profit from the production of coins—is expected to be negative $1 billion a year
- Puts a limit on itemized deductions—taxpayers in top brackets are treated as if they are in the 28% bracket for purposes of the deductions
Was this page helpful to you?
The Tax Foundation works hard to provide insightful tax policy analysis. Our work depends on support from members of the public like you. Would you consider contributing to our work?Contribute to the Tax Foundation
Let us know how we can better serve you!
We work hard to make our analysis as useful as possible. Would you consider telling us more about how we can do better?Give Us Feedback