President Joe Biden revealed his budget proposal for fiscal year 2025, seeking $7.3 trillion with a focus on domestic priorities such as tax credits for families and increased housing funding. Included in the proposals are plans to restore the expanded Child Tax Credit, strengthen Medicare drug pricing negotiations and establish national paid family leave programs.
Biden also proposed higher taxes on corporations and the wealthy.
Key measures of the proposal involve raising corporate taxes by $2.1 trillion and implementing a “billionaires tax” to generate an estimated $500 billion.
The proposal aims to reduce the deficit by $3 trillion over a decade, despite projecting trillion-dollar deficits for the next 10 years, totaling $16.3 trillion.
Biden’s budget also allocates $258 billion for housing initiatives, including incentives for homeownership.
The proposal sets the stage for negotiations with Congress in 2025, addressing priorities previously enacted by the Trump administration, such as reversing the 2017 corporate tax cut.
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