Biden budget reveals president’s top priorities to voters ahead of 2024
PResident Joe Biden It is scheduled to release his budget proposal He will be focusing on four areas in the new fiscal year, which he announced Thursday to voters as a way of appealing to them ahead of his likely reelection bid.
Biden will release the eagerly awaited budget during his visit to Pennsylvania at noon. some of his top campaign priorities The critical swing state. Although the budget release serves only symbolic purposes, it is unlikely Congress will approve it in current form. However, it provides campaign fodder for Biden’s reelection hopes.
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Below are four of the key areas Biden plans to focus on in his budget proposal.
To reduce the deficit for next decade, higher taxes will be paid by the rich
Biden proposes that the wealthy pay more taxes to cut the federal deficit, which could reduce it by almost $3 trillion in the next decade.
Biden will announce a 25 percent tax hike on households with a value over $100 million to tax the unrealized capital gains often overlooked. according to The New York Times. This will allow the White House to increase its revenue by approximately $360 million over the next 10 year.
He will also demand higher taxes on oil and gas companies. This would eliminate subsidies that allowed them to profit from the so-called “Support for Oil and Gas Companies”. “special tax treatment.” Biden also plans to propose to repeal Trump’s tax cuts for corporations and high-earners, as well as raising the corporate rate from 21% up to 28%.
Biden is not likely to ask for much money to support COVID-19. This signals that the president will be phasing out the emergency response in the next months.
Families can save money
Biden’s budget proposal will primarily target families, seeking to lower costs in several areas. The budget proposal of Biden is likely to invest in early childhood education and child care, with $22.1 million being allocated.
Biden will also increase pressure to reduce the cost of insulin, seeking a maximum cap of $35 a month — reviving past debates and backing Republicans into a corner over the matter. This proposal is b
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