Preview of @POTUS budget released today: “tax breaks for families, lower health care costs, smaller deficits and higher taxes on the wealthy and corporations.” https://t.co/Qg8kNDFU2i
— Kristen Orthman (@KristenOrthman) March 11, 2024
Per the Associated Press:
President Joe Biden on Monday released a budget proposal aimed at getting voters’ attention: It would offer tax breaks for families, lower health care costs, smaller deficits and higher taxes on the wealthy and corporations.
Unlikely to pass the House and Senate to become law, the proposal for fiscal 2025 is an election year blueprint about what the future could hold if Biden and enough of his fellow Democrats win in November. The president and his aides previewed parts of his budget going into last week’s State of the Union address, and they provided the fine print on Monday.
If the Biden budget became law, deficits could be pruned $3 trillion over a decade. It would raise tax revenues by a total of $4.9 trillion over that period and use roughly $1.9 trillion to fund various programs, with the rest going to deficit reduction…
Under the proposal, the government would spend $7.3 trillion next fiscal year and borrow $1.8 trillion to cover the shortfall from tax receipts. Biden’s 188-page plan covers a decade’s worth of spending, taxes and debt.
Parents could get an increased child tax credit in 2025, as payments would return briefly to the 2021 level funded by Biden’s coronavirus pandemic relief package. Homebuyers could get a tax credit worth up to $10,000 and the plan includes $10 billion in down payment aid for first-generation buyers. Corporate taxes would jump upward, while billionaires would be charged a minimum tax of 25%.
Biden said in his State of the Union that Medicare should have the ability to negotiate prices on 500 prescription drugs, which could save $200 billion over 10 years. Aides said his budget does not specify how many drug prices would be subject to negotiations…
Meanwhile, Congress is still working on a budget for the current fiscal year. On Saturday, Biden signed into law a $460 billion package to avoid a shutdown of several federal agencies, but lawmakers are only about halfway through addressing spending for this fiscal year.
Repub Counter-argument:
Ron Johnson: “Inside the bubble, Republicans say, ‘we need to get a result, we need to effectively govern.’ To me, that’s almost code words for we got to do Democrat-lite. I think we’d be far better off if we never passed another piece of legislation.” pic.twitter.com/41c1sIaleG
— Ron Filipkowski (@RonFilipkowski) March 11, 2024
Tuesday Morning Open Thread: Fighting for American FamiliesPost + Comments (296)
