Washington, DC – U.S. Senator Sheldon Whitehouse, a member of the Senate Budget Committee, applauded core elements of President Obama’s Fiscal Year 2015 federal budget proposal released yesterday, which protects Social Security benefits for seniors, aids low-income workers through expanded tax credits and educational opportunities, prepares for the effects of climate change, and makes important investments in infrastructure and education to benefit Rhode Island’s middle class. The Administration’s budget would also increase fairness in the tax code, including implementing the “Buffett Rule” similar to Whitehouse’s Paying a Fair Share Act of 2013. While Whitehouse was disappointed with the budget’s funding for heating assistance, he welcomed the plan overall.
Whitehouse, a founding member of the Senate Defend Social Security Caucus, fought hard against a policy included in the President’s fiscal year 2014 budget known as the “chained CPI,” which would have cut Social Security benefits for seniors and disabled veterans over time. The Administration did not include the chained CPI in this year’s budget.
“This budget moves us toward an economy that provides greater fairness for seniors and the middle class,” said Whitehouse. “It protects Social Security benefits. It implements my ‘Buffett Rule’ proposal and limits tax breaks for the wealthy, allocates resources to deal with the critical problem of climate change, and invests in programs to help struggling Rhode Islanders get back to work. That said, I’m disappointed that the President proposed to reduce the LIHEAP program, and will work with the congressional delegation to increase that funding.”
Whitehouse’s Paying a Fair Share Act bill would ensure that multi-million-dollar earners pay at least a 30 percent effective federal tax rate. The bill, which also includes language to preserve the incentive for charitable giving, is expected to reduce the federal deficit by billions of dollars a year. Whitehouse has introduced it in both the 112th and 113th Congresses.
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