President Joe Biden has released a proposed budget for fiscal year 2025 that includes support for families and higher taxes on the wealthy. The budget seeks to restore the expanded Child Tax Credit created under the American Rescue Plan, lower childcare costs, and enact a national paid family and medical leave program. It also aims to boost funding for federal agencies, strengthen Social Security and Medicare, and increase the minimum income tax on billionaires, as well as raise the corporate tax rate. However, with Republican lawmakers controlling the House, it is unlikely that Biden’s budget request will be approved in its current form.
The proposed budget aims to bring down everyday healthcare costs, reduce drug prices, increase access to prescription drugs, lower childcare costs, expand access to affordable housing, reduce the cost of college, and lift the burden of student debt. It also includes efforts to support more affordable housing, boost funding for the Federal Student Aid office, invest in climate programs, and crack down on high earners dodging taxes. Biden’s budget request faces a tough road to pass the House, especially when it comes to proposals to raise taxes on the ultrawealthy.
Overall, the proposed budget seeks to provide more support for families, lower costs for everyday needs, and increase taxes on billionaires and corporations. However, with Republican opposition in the House, the budget may face challenges in gaining approval in its current form. Democrats will likely need to negotiate and compromise to make progress on key elements of the budget in the coming year.