{"id":1903885,"date":"2023-03-23T15:55:43","date_gmt":"2023-03-23T19:55:43","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/key-findings-in-bidens-2024-budget-proposal\/"},"modified":"2023-03-23T15:57:50","modified_gmt":"2023-03-23T19:57:50","slug":"key-findings-in-bidens-2024-budget-proposal","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/key-findings-in-bidens-2024-budget-proposal\/","title":{"rendered":"Key Findings in Biden\u2019s 2024 Budget Proposal"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">14<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fkey-findings-in-bidens-2024-budget-proposal%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1903885&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div class=\"post_content\">\n<p>On March 9, the Biden administration unveiled its $6.8 trillion 2024 budget proposal (pdf). Here are key takeaways from the proposal.<\/p>\n<p>Most notable is that the proposed budget would increase the national debt to nearly $51 trillion over the next 10 years, saddling American taxpayers with more than $1.3 trillion in annual interest by the year 2033. The plan would also increase government spending by 8 percent in 2024 and by nearly $2 trillion over the next decade.<\/p>\n<p>Under the proposed budget, the Trump-era Tax Cuts and Jobs Act\u00a0will be allowed to expire, eliminating the standard deduction of $7,000 for single filers and $14,000 for married filers. While the proposal claims that \u201cno one making under $400,000 per year will pay more in new taxes,\u201d\u00a0data published by the IRS shows that not only did all income brackets benefit substantially from the Trump-era tax cuts, the biggest beneficiaries were not the top 0.01 percent, but rather working-class and middle-income Americans. Americans with an adjusted gross income of $15,000 to $50,000 began enjoying an average tax cut of 16\u201326 percent when the Trump-era tax cuts first went into effect in 2018. Those who earned between $50,000 and $100,000 in adjusted gross income received a 15\u201317 percent tax break. Those earning between $100,000 and $500,000 in adjusted gross income saw a reduction of around 11\u201313 percent.<\/p>\n<p>Also, under the Tax Cuts and Jobs Act, no one with an adjusted gross income of more than $500,000 received an average tax cut greater than 9 percent, and the average tax cut for those with an income exceeding $1 million was less than 6 percent. In short,\u00a0middle and low-income earners enjoyed a tax cut that, percentage-wise, was at least double that received by those making $1 million or more.<\/p>\n<h2>More Taxes<\/h2>\n<p>Along with added debt, interest, and taxes added back onto American incomes with the expiration of the Trump-era tax cuts, Biden\u2019s budget proposal would add almost $4.7 trillion in new taxes that specifically target America\u2019s successful individuals, corporations, and small businesses.<\/p>\n<p>For America\u2019s wealthiest 0.01 percent,\u00a0a 25 percent minimum tax will be levied. The net investment income surtax on small businesses would also be raised from 3.8 percent to 5 percent, on top of state and federal income taxes, and it would\u00a0nearly double the current tax rates on capital gains. The plan will also restrict contributions to\u00a0individual retirement accounts for taxpayers with incomes above $400,000.<\/p>\n<p>Biden\u2019s proposed budget would also implement a three-year extension of the\u00a0American Rescue Plan Act Child Tax Credit\u00a0through 2025 and make the expansion of Child Tax Credit refundability permanent. These\u00a0tax credits would essentially offset the $4.7 trillion in gross taxes by about $900 billion, which would trigger approximately $3.8 trillion of net tax increases.<\/p>\n<p>To ensure that corporations \u201cpay their fair share,\u201d\u00a0Biden\u2019s budget calls for increasing the corporate income tax from 21 percent to 28 percent. The major changes include higher marginal tax rates on corporate, individual, and capital gains income; a\u00a0new minimum tax on high-net-worth individuals.<\/p>\n<h2><b>Racial Equity and Environmental\u00a0Justice<\/b><\/h2>\n<p>The Biden budget proposal is also heavy on \u201cracial equity\u201d initiatives, \u201cenvironmental justice\u201d spending, and programs to benefit the LGBT community.<\/p>\n<p>The plan calls for\u00a0a $1.8 billion expenditure for the Environmental Protection Agency geared toward \u201cadvancing racial equity and securing environmental justice.\u201d It also\u00a0calls for \u201cmore than $3 billion to advance gender equity and equality globally.\u201d<\/p>\n<p>According to the Fact Sheet, the budget includes $59 billion in \u201cmandatory funding and tax incentives aimed at increasing the affordable housing supply, including for extremely low-income households.\u201d<\/p>\n<p>Another $10 billion in mandatory funding will be spent to \u201cincentivize State, local, and regional jurisdictions to make progress in removing barriers to affordable housing developments.\u201d An additional\u00a0$10 billion in mandatory funding will go to the new \u201cFirst-Generation Down Payment Assistance program to help address racial and ethnic homeownership and wealth gaps\u2014making homeownership more attainable for Americans who have been locked out of the generational wealth building that can come with owning a home.\u201d<\/p>\n<p>The plan also includes $471 million \u201cto reduce maternal mortality and morbidity rates; expand maternal health initiatives in rural communities,\u201d and to \u201cimplement implicit bias training for health care providers.\u201d It also says \u201cthe United States has the highest maternal mortality rate among developed nations, and rates are disproportionately high for Black and American Indian and Alaska Native women.\u201d<\/p>\n<p>The Centers for Disease Control and Prevention (CDC) says the World Health Organization defines a \u201cmaternal death\u201d as \u201cthe death of a woman while pregnant or within 42 days of termination of pregnancy, irrespective of the duration and the site of the pregnancy, from any cause related to or aggravated by the pregnancy or its management, but not from accidental or incidental causes.\u201d Unmentioned was a\u00a0report released by the CDC in November 2022 that revealed the majority of the abortions in the United States were received by unmarried (86 percent) black women (39 percent) in their 20s (57 percent), and the results of a study conducted by the National Library of Medicine that showed \u201clegal induced abortion is a root cause of the racial and ethnic disparity noted in maternal mortality\u201d in the United States and that \u201cthe death rate from legal induced abortion performed at 18 weeks gestation is more than double that observed for women experiencing vaginal delivery.\u201d<\/p>\n<p>The plan proposes to invest nearly $1.8 billion in numerous programs with the Environmental Protection Agency \u201cthat will support securing environmental justice for communities that bear the brunt of toxic pollution and climate change.\u201d\u00a0It doesn\u2019t provide an explanation of how recipient communities would be identified.<\/p>\n<h2>Gender Affirming Care, Border Security, and Ukraine<\/h2>\n<p>According to the 169-page fiscal plan, the Biden administration \u201cremains steadfast in its commitment to invest in opportunities for women and girls and support the needs of marginalized communities, including the Lesbian, Gay, Bisexual, Transgender, Queer, and Intersex community.\u201d<\/p>\n<p>Another Fact Sheet outlines how the Biden budget will provide $121 billion in discretionary medical care funding\u00a0by expanding health care, benefits and services for the military. While it explains how the plan would invest $139 million in Department of Veterans Affairs (VA) research programs to increase access to quality mental healthcare and another $559 million to further advance the administration\u2019s veteran suicide prevention initiatives, unmentioned is how\u00a0$137.9 billion of that discretionary spending for the VA would go towards \u201cproviding gender affirming care to the Nation\u2019s veterans,\u201d as outlined in the 132-page version.<\/p>\n<p>The budget also includes another $6 billion to support Ukraine and the U.S. alliance with NATO and other European allies. Over $750 million of that would go to Ukraine specifically.<\/p>\n<p>The plan calls for an additional 350 new border agents while simultaneously cutting $600 million from the Department of Homeland Security as the crisis at the southern border continues to cause financial harm to the country and cost the lives of Americans as well as illegal immigrants.<\/p>\n<p>While delivering remarks\u00a0about his new budget proposal from the Finishing Trades Institute in Philadelphia, Pennsylvania, Biden shared another family story.<\/p>\n<p>\u201cMy dad had an expression,\u201d Biden said. \u201cSomeone would come up to my dad [and] say, \u2018Let me tell you what I value, Joey.\u2019 And he\u2019d say\u2014my dad would say, \u2018No, no, show me your budget. I\u2019ll tell you what you value.\u2019\u201d<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>On March 9, the Biden administration unveiled its $6.8 trillion 2024 budget proposal (pdf). Here are key takeaways from the proposal. Most notable is that the proposed budget would increase the national debt to nearly $51 trillion over the next 10 years, saddling American taxpayers with more than $1.3 trillion in annual interest by the<\/p>\n","protected":false},"author":225,"featured_media":1903886,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[543],"tags":[4506,3706,4463,6701,7233,5210],"class_list":["post-1903885","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-epoch-times","tag-4506","tag-bidens","tag-budget","tag-findings","tag-key","tag-proposal"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1903885","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/225"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1903885"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1903885\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1903886"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1903885"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1903885"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1903885"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}