Tax Loopholes For The Rich: With the release of budget for fiscal year 2015, President Barack Obama is still trying to kill the "Carried Interest" tax loophole, which permits hedge fund and private equity profits to be taxed at a lower rate.

According to the White House preview, this and other changes in the budget are intended to help the average Americans.

The preview stated, "The President's budget will show in real terms the choices we can make to expand economic opportunity and strengthen the middle class, like closing unfair tax loopholes so we can invest in the things we need to help the middle class and those striving to get into it, grow our economy, and provide economic opportunity for every American. It invests in infrastructure, job training, and preschool; cuts taxes for working Americans while closing tax loopholes enjoyed by the wealthy and well-connected; and reduces the deficit."

'The proposal to expand one of the most popular U.S. government poverty reduction programs, the Earned Income Tax Credit, would cost $60 billion, a modest amount in a budget in which the president has $1.014 trillion in spending to parcel out, the White House said. Obama would pay for the tax credit expansion by closing tax loopholes used typically by wealthy investors or employees of professional service companies such as law, consulting or lobbying firms.' as quoted from Reuters.

In addition, the report said, 'Obama's budget recommendation stands little or no chance of being approved as is by Congress, where Republicans, who control the House of Representatives, disagree with the president's policy priorities, such as spending government money on job training.'

The President is also planning the establishment of automatic IRAs to encourage workers to save for their retirement. Business Insider stated that 'The White House said this program would cause "about 13 million workers" to begin contributing to auto-IRAs.'

Obama is also proposing several plans projected at students paying for college. Quoting from the Business Insider, 'The White House said his budget would permanently extend the American Opportunity Tax Credit, "simplify" taxes for the recipients of Pell Grants, and would exclude "student loan forgiveness from taxation for borrowers who have made student loan payments for many years under an income-related repayment plan."'