Biden’s Budget Plan Would Raise Taxes, Cut Deficit by $3 Trillion, Invest in America
Joe Biden will soon release his presidential address $6.9 trillion budget For fiscal year 2024, this calls for substantial tax increases for corporations and wealthy individuals, as well as cost-cutting measures to help families and increase investment in American manufacturing.
Biden will present his budget proposal at a northeast Philadelphia union hall on Thursday, and it is expected to be campaign-style.
The White House released a factsheet ahead of the event that stated the President’s Budget will be focused on four areas.
Increased taxes on corporates and wealth
Biden’s budget proposal for the future would cut the federal deficit by almost $3 trillion over 10 years. This is far better than last year’s 1 trillion deficit reduction.
President Obama calls for higher taxes to be levied on ultra-rich corporations and individuals in order to pay for his spending plans. For households that earn more than $100million, he proposes a minimum 25 percent tax. The plan also seeks to repeal the tax cuts made by Donald Trump, partially repealing the highest individual and corporate rates.
Budget also includes proposals to “reform the international tax system” The tax rate for foreign earnings of multinational U.S. companies has been raised to 21 percent, from 10.5 per cent.
According to the blueprint, the White House proposes quadrupling the 1.5% tax on stock buybacks which went into effect January. “address the continued tax advantage for buybacks and encourage corporations to invest in productivity and the broader economy.”
He proposes to decrease taxes and calls for higher oil and natural gas company profits. “wasteful spending on big pharma, big oil, and other special interests, combats fraud, and makes programs more efficient.”
Family Savings
President Trump proposes to restore the Child Tax Credit. This credit was established as part of American Rescue Plan. According to the plan, credit for children 6 and over would increase from $2,000 per child to $3,000 and for those under 6, to $3,000. In the budget, credit would be permanent reformated to become fully refundable.
This plan proposes to lower prescription drug and health-care costs. The budget will invest $150 billion over a 10-year time period to expand and improve Medicaid home- and community-based programs. The budget also includes $59 billion of mandatory funding as well as tax incentives that aim to increase the availability of affordable housing for all income levels.
“We’ve been encouraged by the recent slowdown in inflation, but we know there’s more work to do,” Shalanda Youth, Director of the Office of Management and Budget spoke to reporters on Thursday. “Families need a little breathing room, and that’s why the budget includes proposals to bring down the cost of everyday necessities and lowers healthcare costs.”
Biden, as previously mentioned, is also increasing the solvency of Medicare trust funds by at least 25 year without cutting benefits.
America: Investing
It includes $652 million to support American manufacturing growth. With the ultimate goal to increase investments in innovation, cutting-edge research and CHIPS activities authorized by Science Act, it also has nearly $21 billion for discretionary spending.
This budget will invest in the workforce in order to fill the skill gap. It will also fund apprenticeships and other career training programs.
As part of this effort, the President also requested both mandatory and discretionary resources to help China compete economically.
Equity and Clean Energy Investing
In addition to $4.5 Billion in clean energy, the president’s budget proposes creating new jobs in urban and rural areas. The president proposes that it will make “historic investments” In science and research in order to further his climate agenda.
“The budget invests in reducing global warming pollution and achieving the president’s target to cut greenhouse gas emissions 50–52 percent by 2030,” According to the factsheet.
Biden’s efforts for “advance equity and environmental justice” According to the factsheet, these are still top priorities.
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