Administration’s Budget Would Undermine Key “Asset-Building” Program For Lower-Income Working Families While Helping Wealthy Families Build Savings Through Expensive New Tax Breaks

Publication Date: April 2004

Publisher: Center on Budget and Policy Priorities (Washington, D.C.)

Author(s):

Research Area: Economics

Keywords: Tax code; Income diversity; Household income; Federal budget

Type: Report

Abstract:

The Administration’s fiscal year 2005 budget proposes new, very expensive tax breaks to help higher-income families build wealth through tax-sheltered savings accounts, while undermining a key federal program designed to help low-income families build assets.