Round-Up of Initial Coverage:
PHILANTHROPY:
Obama Budget Plan Includes New Call
to Limit Charitable Deduction
President Obama on Monday proposed to limit the percentage of income that wealthy donors can write off for gifts to charity and for other purposes, such as medical expenses and housing costs.
[The plan] would limit the value of the itemized deduction to 28 percent for couples with incomes of $250,000 or more and individuals with incomes of $200,000 or more. The White House says its proposed limits on itemized deductions would reduce the deficit by $584-billion over 10 years. (Read more at Chronicle of Philanthropy)
ENERGY:
Obama Budget Would Boost Renewables, Nix Oil & Gas Tax Breaks
[The proposal] called today for boosting funding for pipeline safety and renewable energy while again proposing to roll back several tax breaks for the oil and gas industry.
…Obama proposed boosting research funding and extending tax credits for clean energy as well as providing more money for energy-efficiency programs. He also called for rolling back oil and gas “tax preferences” worth $40 billion over 10 years.It is the fourth straight year Obama has called for rolling back tax breaks for the oil and gas industry, but that call — and the budget more generally — is largely a symbolic statement because it stands little chance to pass through Congress. (Read more at Fuel Fix)
MEDICAL RESEARCH:
Houston Biomedical Researchers Disappointed, Claim Stagnant Funding is Detrimental to Global Competitiveness
Houston’s medical research community expressed dismay today at the Obama administration’s decision not to seek additional money for biomedical research.
President Obama’s budget blueprint for 2013, submitted to Congress on Monday, allocated $31 billion to the National Institutes of Health for biomedical research — unchanged from the current budget and slightly less than 2011. Dr. Adam Kuspa, Vice President for Research at Baylor College of Medicine, was disappointed, as he was looking for an increase. (Read more at Houston Chronicle)
OTHER HEADLINES:
- Congress To Introduce Backup Bill That Extends Payroll Tax Holiday (KUHF Public Radio)
- Pipeline Companies Fight For Right To Take Property (KUHF Public Radio)
- Teacher, School Administrators Face Charged With Failure to Report Child Abuse (KHOU 11 News)
- Conrad Murray’s Texas Medical License Suspended (KPRC 2 News)
- Voting Rights Group Files Suit Over Texas Registration Practices (Houston Chronicle)
EDITORIAL REACTION TO BUDGET:
- A Responsible Budget (New York Times)
- Obama’s Budget Falls Short, But it Beats Many Alternatives (Washington Post)
- The Amazing Obama Budget (Wall Street Journal)