Biden's $7.3 trillion budget for 2025 calls for taxing the rich and corporations to pay for Social Security, Medicare

[BumRushDaShow]

Last edited Mon Mar 11, 2024, 02:18 PM - Edit history (2)

Source: CNBC

Published Mon, Mar 11 2024 5:00 AM EDT Updated 5 Min Ago


President Joe Biden's 2025 funding proposal released Monday repackaged his tax hike proposals on billionaires and corporations and many other requests from his 2024 budget, which is still under negotiation on Capitol Hill halfway into the fiscal year.

Like all presidential budgets, Biden's 2025 plan is more of a wish list than it is a policy document. Biden's budget comes in at $7.3 trillion in spending proposals, up from $6.9 trillion in 2024 though the two proposals include mirroring requests for boosts to Social Security, Medicare and tax hikes for the wealthy.

This year, as the president faces a likely general election rematch against Donald Trump in November, his budget is also a statement of the Biden campaign's economic platform.

"It is the most comprehensive and detailed statement of our administration's values," White House Council of Economic Advisers Chair Jared Bernstein said Monday on a call with reporters.

Read more: https://www.cnbc.com/2024/03/11/bidens-2025-budget-marries-progressive-tax-hikes-with-populist-campaign-planks.html

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Links to White House Budget FACT SHEETS -

FACT SHEET: The President’s Budget for Fiscal Year 2025

FACT SHEET: The President’s Budget Lowers Costs for the American People

FACT SHEET: The President’s Budget Confronts Global Challenges and Defends Democracy

FACT SHEET: The President’s Budget Cuts Wasteful Spending on Big Pharma, Big Oil, and Other Special Interests, Cracks Down on Systemic Fraud, and Makes Programs More Cost Effective

FACT SHEET: The President’s Budget Advances President Biden’s Unity Agenda

FACT SHEET: The President’s Budget Delivers on His Commitment to Tribal Nations and Native Communities

FACT SHEET: The President’s Budget Cuts Taxes for Working Families and Makes Big Corporations and the Wealthy Pay Their Fair Share

FACT SHEET: The President’s Budget Protects and Strengthens Social Security and Medicare

FACT SHEET: The President’s Budget Tackles Crime, Keeps Americans Safe at Home

FACT SHEET: The President’s Budget Cuts Housing Costs, Boosts Supply, and Expands Access to Affordable Housing

FACT SHEET: The President’s Budget Protects and Increases Access to Quality, Affordable Healthcare

FACT SHEET: The President’s Budget Creates Opportunity, Advances Equity

FACT SHEET: The President’s Budget Secures Our Border, Combats Fentanyl Trafficking, and Calls on Congress to Enact Critical Immigration Reform

FACT SHEET: The President’s Budget Cuts the Deficit by $3 Trillion Over 10 Years

FACT SHEET: The President’s Budget Improves Customer Experience to Better Serve the American People

FACT SHEET: The President’s Budget Creates Good-Paying Clean Jobs, Cuts Energy Costs, and Delivers on the President’s Ambitious Climate Agenda


Article updated.

Original article/headline -

Biden's 2025 budget marries progressive tax hikes with populist campaign planks

Published Mon, Mar 11 20245:00 AM EDT


President Joe Biden's 2025 funding proposal set to be released Monday will repackage his tax hike proposals on billionaires and corporations and many other requests from his 2024 budget, which is still under negotiation on Capitol Hill halfway into the fiscal year.

Like all presidential budgets, Biden's 2025 plan is more of a wish list than it is a policy document. This year, as the president faces a likely general election rematch against Donald Trump in November, his budget is also a statement of the Biden campaign's economic platform.

According to the White House, the budget aims to reduce the federal deficit by $3 trillion over the next 10 years largely by imposing a minimum 25% tax rate on the unrealized income of the very wealthiest households and by reshaping the corporate tax code. Biden will also seek to shore up Medicare and Social Security, in part by relying on new, federal negotiating powers for Medicare prescription drugs and by seeking other savings in housing, health insurance and more.

Biden previewed many of the themes of his budget blueprint in his State of the Union address on Thursday. "Do you really think the wealthy and big corporations need another $2 trillion in tax breaks? I sure don't. I'm going to keep fighting like hell to make it fair!" he said in a fiery, partisan speech in the Capitol. Biden's populist, progressive, tax-the-rich funding plan is not a novel proposal from his White House.

[marble falls]

1. Joe Biden can make it happen if we give him the Congress we need.

[jimfields33]

2. Hopefully he makes permanent the working class tax cuts that are due to expire next year.

That must be done because otherwise it will be the largest tax increase in History.

[Kingofalldems]

4. Oops No.

https://www.yahoo.com/news/biden-budget-proposal-raise-taxes-090000667.html

[jimfields33]

5. Yes.

The tax cuts expire for middle class next year. I don’t see anything about that on your link.

[marble falls]

7. Nope. The 85% effective rate Eisenhower had when the US still paid for things with taxes and no 30 year T-Notes ...

... now THAT was a record tax increase!

[jimfields33]

8. Oh boy Eisenhower. Only a few like yourself

remember him as president. I’m glad that the taxes are not being raised next year when they expire. That’s good to know.” I’m happy that you are “in the know” on this. Nobody’s losing money. Yay!!!!! Thank you so much for your most knowledgeable reply. You are an encyclopedia.

[Silent Type]

3. Support Biden's plan because it's much better than anything GOPers might offer. Assuming it passes, which is

a big assumption, it reduces the annual deficit (currently $1.7 Trillion) to $1.4 Trillion. Better than nothing, but won't change things much.

Doesn't really matter, because it won't pass.

[republianmushroom]

6. Thank you Joe, it is about time they pay their share. IMO