Obama to offer new tax breaks for workers in election year budget pitch
Published on Mar 4, 2014 2:11 PM
WASHINGTON (Reuters) - United States President Barack Obama will propose an expansion of popular tax credits for middle class and working poor Americans on Tuesday in a fiscal 2015 budget designed to serve as a blueprint for Democrats in this year's congressional elections.
The budget, which would also create automatic retirement accounts known as IRAs for some 13 million workers, has little chance of getting enacted.
But it codifies the president's policy priorities ahead of the November race, in which Democrats hope to keep control of the US Senate and Republicans hope to expand their majority in the House of Representatives.
The budget signals a shift away from last year's emphasis on deficit cutting to a more pronounced focus on poverty reduction, a legacy-oriented goal the president is highlighting as he faces less than three years left in office.
To continue reading, log in if you are a subscriber
Enjoy 2 weeks of unlimited digital access to The Straits Times. Get your free access now!