The President’s 2016 Budget and Other News

President Obama Submits Budget to Benefit African-American Families

President Barack Obama on Tuesday submitted a  $4 trillion budget for fiscal year 2016

President Obama has submitted a $4.2 trillion budget that includes initiatives to help black families.

President Obama has submitted a $4.2 trillion budget that includes initiatives to help black families.

to Congress. The budget features measures that will help the middle class, particularly families.

The budget ensures that America’s College Promise proposal will become a reality,  making community college free for responsible students, enabling them to earn a certificate, an associate’s degree or up to two years’ worth of credits towards a bachelor’s degree without paying any tuition or fees.

In addition, the budget ensures that Pell Grants, which help low- and moderate-income students keep pace with inflation.

The budget also cuts taxes for families paying for child care with a credit of up to $3,000 per child per year. The budget triples the maximum Child and Dependent Care Tax Credit (CDCTC) for families with children under age five and makes the full CDCTC available to families with incomes of up to$120,000, President Obama said.

 

 


 

Michael Jordan Named Charlotte Business Person of the Year

Michael Jordan, who has won six NBA titles as a member of the Chicago Bulls, has cried after winning

Michael Jordan was recently named business owner of the year in Charlotte, N.C.

Michael Jordan was recently named business owner of the year in Charlotte, N.C.

the championship titles. He recently cried again, but this time it was different. He shed tears after he accepted the 2014 Charlotte Business Journal Person of the Year.

Jordan, who owns the Charlotte Hornets of the NBA, accepted the award during halftime at a game between the Hornets and the Atlanta Hawks.

“I received a lot of awards in my life—a lot of them basketball-related,” he said. “I’ve been criticized in a lot of different areas from a business standpoint. But I take great pride in the ideas and the concepts and the view that come out of this organization to build the type of basketball program, something that you guys, the city of Charlotte, can feel proud of.”


NASCAR Finally Honors Wendell Scott

Wendell Scott, the first African-American to win a NASCAR race, recently was inducted into the NASCAR Hall of Fame.

Wendell Scott, the first African-American to win a NASCAR race,was recently inducted into the NASCAR Hall of Fame.

Wendell Scott, the first African-American driver to win a NASCAR race, was postthumously inducted into the NASCAR Hall of Fame on Friday in Charlotte, N.C.

Scott,  of Danville, Va., won the Grand National, now known as the Sprint Car Cup Series on Dec. 1, 1963, at Speedway Park, a dirt track in Jacksonville, Florida.
NASCAR officials, however, did not announce Scott was the winner to the racist crowd. His family received his first-place trophy in 2010, 47 years after the race ended.

Scott’s career was plagued by racism from NASCAR officials and the automobile manufacturers that poured millions into the sport but refused to support him.

Actor Richard Pryor  played Wendell Scott in the 1977 movie, “Greased Lighting,”  loosely based on Scott’s biography “Hard Driving: The Wendell Scott Story: The American Odyssey of NASCAR’s First Black Driver.”

Franklin Scott, Wendell Scott’s son, said his father had both the integrity and perseverance to get back up when he faced difficult challenges.

Wendell Scott died in 1990.


American Reports Higher Earnings; Announces Layoffs

American Express Co., the New York-based charge card and credit card issuer headed by Chairman

American Express Co., which is headed by Kenneth I. Chenault, recent reported its 2014 fouth-quarter and yearend earnings.

American Express Co., which is headed by Kenneth I. Chenault, recent reported its 2014 fouth-quarter and yearend financials.

and CEO Kenneth  I. Chenault, announced that it is laying off 4,000 workers, but at the same time, the company will hire new workers because changing technology requires new skills.

Jeffrey Campbell, American Express’s chief financial officer and executive vice president, made the announcement during the company’s fourth-quarter and its 2014 earnings call. American Express’s fourth quarter ended Dec. 31, 2014.

The company reported a fourth-quarter net income of $1.44 billion, up 11 percent compared to $1.30 billion for the same three-month period in 2013.

Fourth-quarter revenues were $9.10 billion,  up 7 percent, compared to $8.54 billion for the same three-month period in 2013.

The company reported 2014 net income of $5.885 billion on revenues of $34.29 billion. This compares with a 2013 net income of $5.359 billion on revenues of $32.94 billion.

American Express recorded a fourth-quarter restructuring charge of $313 million, Campbell told financial analysts. The company will see some of the benefits of restructuring this year but the full benefits will occur in 2016. Campbell noted that lower gas prices have reduced charges on American Express cards.

Nonetheless, Chenault said the results were solid with higher  loan balances.


Oscar Robertson Becomes an Investor in a Group Promoting Medical Marijuana

NBA legend Oscar Robinson who is suffering from prostate cancer, announced recently he is an investor in a group that wants to legalize medical marijuana.

NBA legend Oscar Robertson who is suffering from prostate cancer, announced recently he is an investor in a group that wants to legalize medical marijuana.

NBA great Oscar Robertson is an investor in Responsible Ohio, an organization that is seeking to legalize medical marijuana throughout the state.

“It’s a terrible feeling when you can’t help someone suffering from cancer or another debilitating medical condition – I know from personal experience,” Robertson said.  “But medical marijuana can give our loved ones relief.  I’m part of Responsible Ohio because I want to be part of making this change a reality.”

The 73-year-Robertson is suffering from prostate cancer, a disease that affects and kills African-American men more than any other group.

Robertson is a board member of the International Prostate Cancer Foundation, which is based in Celebration, Florida.  In his capacity, Robertson promotes early detection prostate cancer screenings among black men.

Robertson, a point and shooting guard for the Cincinnati Royals and Milwaukee Bucks, was inducted into Naismith Basketball Hall of Fame on April 28, 1980.

 

 

 

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