President Biden unveils $7.3 trillion budget proposal for FY 2025

Mar 11

Lauren Taylor Reporter

By Lauren Taylor (Reporter), Jake Maslo (Video Editor)

This report was created with support from enhanced software.

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President Joe Biden revealed his budget proposal for fiscal year 2025, seeking $7.3 trillion with a focus on domestic priorities such as tax credits for families and increased housing funding. Included in the proposals are plans to restore the expanded Child Tax Credit, strengthen Medicare drug pricing negotiations and establish national paid family leave programs.

Biden also proposed higher taxes on corporations and the wealthy.

Key measures of the proposal involve raising corporate taxes by $2.1 trillion and implementing a “billionaires tax” to generate an estimated $500 billion.

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The proposal aims to reduce the deficit by $3 trillion over a decade, despite projecting trillion-dollar deficits for the next 10 years, totaling $16.3 trillion.

Biden’s budget also allocates $258 billion for housing initiatives, including incentives for homeownership.

The proposal sets the stage for negotiations with Congress in 2025, addressing priorities previously enacted by the Trump administration, such as reversing the 2017 corporate tax cut.

Tags: Affordable housing, Donald Trump, Joe Biden, Medicare, Taxes, U.S. Congress

[LAUREN TAYLOR]

PRESIDENT BIDEN UNVEILED HIS BUDGET PROPOSAL – FOR FISCAL YEAR 2025.

THE PRESIDENT IS ASKING FOR $7.3 TRILLION — FOCUSING ON DOMESTIC PRIORITIES LIKE TAX CREDITS FOR FAMILIES AND INCREASED FUNDING FOR HOUSING.

THE PROPOSALS INCLUDE RESTORING THE EXPANDED CHILD TAX CREDIT, BOLSTERING MEDICARE DRUG PRICING NEGOTIATIONS, AND IMPLEMENTING NATIONAL PAID FAMILY LEAVE PROGRAMS.

BIDEN IS ALSO PROPOSING IMPOSING HIGHER TAXES ON CORPORATIONS AND THE WEALTHY.

KEY MEASURES OF THE PROPOSAL INCLUDE RAISING CORPORATE TAXES BY $2.1 TRILLION AND IMPLEMENTING A “BILLIONAIRES TAX” – TO GENERATE AN ESTIMATED $500 BILLION DOLLARS.

THE PROPOSAL AIMS TO REDUCE THE DEFICIT BY $3 TRILLION OVER A DECADE, DESPITE PROJECTING TRILLION-DOLLAR DEFICITS FOR THE NEXT TEN YEARS, TOTALING $16.3 TRILLION DOLLARS.

BIDEN’S BUDGET also ALLOCATES $258 BILLION FOR HOUSING INITIATIVE – INCLUDING INCENTIVES FOR HOMEOWNERSHIP.

THE PROPOSAL SETS THE STAGE FOR NEGOTIATIONS WITH CONGRESS IN 2025,

ADDRESSING PRIORITIES PREVIOUSLY ENACTED BY THE TRUMP ADMINISTRATION – SUCH AS REVERSING THE 2017 CORPORATE TAX CUT.