NEW YORK (CNNMoney, Mar. 4, 2014) — President Obama will include several tax proposals to help low- and middle-income families when he introduces his 2015 budget on Tuesday.
The White House on Monday chose to preview a few that are designed to help the working poor, to make child care and college more affordable, and to make it easier to save for retirement.
The administration said the cost of the proposals would be paid for by “closing tax loopholes” that “let high-income professionals avoid the income and payroll taxes other workers pay.”
Now, for a dose of budget reality: In most years, the House and Senate doesn’t adopt much, if anything, from presidential budget proposals. And this time could be even worse in that regard since it’s a mid-term election year and no one is expecting much to happen legislatively, least of all tax reform.