President Obama’s Proposed Budget for 2013
President Obama issued another round of proposed financial budget measures that would
affect the 2013 fiscal year. On February 13, 2013, the President’s cabinet presented his plan to
Congress. Focusing on permanently rebuilding a national economy, the President’s 2013 Budget
Bill seeks to slash government spending and increase the tax rate for the wealthiest Americans.
His budget proposal increases funding to the educational, transportation and other sectors.
Obama’s plan proposes a $476 billion spending increase for transportation projects that would
improve our existing national transportation infrastructure and create new jobs. His proposed
plan may have a huge effect on our elderly population.
President Obama’s proposed budget plan may significantly impact our nation’s elderly
population. It seeks to slash $360 billion in Medicaid and Medicare funding by limiting
payments to medical health care professionals. This means there will be less money to fund
these programs. His proposed budget plan also limits the amount of gifts that wealthy
taxpayers can donate to charities on a tax-free basis. As of 2012, you can donate up to $13,000
annually to each recipient on an untaxed basis. The person receiving the gift can also claim the
gift on an untaxed basis. Currently, there are no income caps, only lifetime gift-giving limits.
What are your thoughts on these new budget measures, and how will it affect your estate
Experienced estate planning attorneys St. Louis MO of the Purcell and Amen, Attorneys at Law
– Your Estate Matters, LLC offers estate planning and business planning resources to residents
of St. Louis MO. To learn more about these free resources, please visit