Biden’s Budget Plan Would Raise Taxes, Cut Deficit by $3 Trillion, Invest in Manufacturing
Joe Biden, President of the United States, will release his $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.
To pay his spending plan, the president calls for higher taxes on corporations and ultra-rich. A minimum 25% tax for households with incomes over $100 million is what he calls for. The plan also seeks to repeal the tax cuts made by Donald Trump, partially repealing the highest individual and corporate rates.
It also contains the following proposals: “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.”
Reduced costs for families
President Trump proposes to restore the Child Tax Credit. This credit was established as part of American Rescue Plan. The plan proposes that the credit be increased to $2,000 to $3,000 per year for children 6 and over, and $3,600 for those under 6. In the budget, credit would be permanent reformated to become fully refundable.
It proposes to reduce prescription-drug and health-care expenses. The budget will invest $150 billion over a period of 10 years 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, the director of Office of Management and Budget told journalists during a conference call 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 any reductions in benefits.
America Investments
It includes $652 million to support American manufacturing growth. The budget also includes nearly $21 Billion in discretionary expenditure for CHIPS, Science Act-authorized activities and other initiatives with the aim of increasing investment in innovation and cutting edge research.
This budget will invest in the workforce in order to fill the skill gap. It will also fund apprenticeships and other career training programs.
In addition, the president requests mandatory and discretionary resources in order to be competitive with China in economic and other areas. This is part of an effort to increase the US’s role in the Indo-Pacific.
Equity, Clean Energy, and Investing
In addition to $4.5 Billion in clean energy, the president’s budget proposes creating jobs in urban and rural areas. The president proposes that it will make “historic investments” His climate agenda is being advanced through science and research.
“The budget invests in reducing global warming pollution and achieving the president’s target to cut greenhouse gas emissions 50–52 percent by 2030,” The fact sheet says.
Biden’s attempts to “advance equity and environmental justice” According to the factsheet, these are still top priorities.
Most presidential budget proposals will be symbolic. Biden’s budget won’t gain any traction in Congress but serves as a start point for budget- and debt-ceiling negotiations with Republicans.
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