Key Points
WASHINGTONPresident Bidens proposed budget would boost federal spending to $7.3 trillion next fiscal year and raise taxes on wealthy people and large corporations, in an attempt to cut the deficit while also lowering the costs of prescription drugs, child care and housing..
The fiscal 2025 budget would cut the deficit by $3 trillion over the next decade, and it would raise taxes by a net total of $4.9 trillion, or more than 7% above what the U.S. would collect without any policy changes..
His budget would lower taxes for middle and low-income Americans by $765 billion over a decade, according to the White House, building on the presidents longstanding pledge not to raise taxes on anyone making less than $400,000 a year..
Bidens budget would ensure the solvency of a Medicare hospital-insurance trust fund by increasing taxes on the wages, investment gains and self-employment income of people earning more than $400,000 a year..
Like last year, Bidens budget says that the president supports extending those tax cuts for households making under $400,000 and paying for those extensions to avoid increasing budget deficits..
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Joe Biden's $6.8 trillion budget challenges Republicans, raises taxes on rich
10, Mar, 23Speaking at a Philadelphia union hall, President Joe Biden challenged Republican opponents on fiscal responsibility, highlighting plans to cut US deficits nearly $3 trillion over 10 years by raising taxes on those earning more than $400,000 a year.