Highlights of the President’s Plan
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Tax Cut for Families: An increase of $500 per child in the personal exemption that taxpayers claim for themselves and their dependents.
Defense: An additional $50 billion in defense cuts over five years, including the end of the B-2 bomber program after 20 planes.
Home-Buyer Credit: First-time home buyers would be able to claim a tax credit of $5,000 on the cost of buying a home.
Family Savings: Savers could roll over their individual retirement accounts into a new type of “family savings account.”
Capital Gains: A new maximum tax rate of 15.4%, up from 28%, on capital gains--profits from the sale of stocks, real estate and other investments.
Business Incentives: A new 15% investment tax allowance designed to give industry a strong incentive to purchase new equipment.
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