Mr. Biden has resolved not to raise taxes on people with incomes below $ 400,000 per year. The budget, however, assumes that Tax cut Passed by Republicans in 2017, it will expire by the end of 2025 as scheduled, raising taxes on most Americans. On Friday, Biden administration officials said the president would work with Congress before 2025 to ensure that people with incomes below $ 400,000 would not face tax hikes.
The budget is a collection of Mr. Biden’s ambitious economic proposals in the White House, and on several fronts, his predecessor Donald J. Trump is in denial. Where Mr. Trump’s budget has led to tax cuts, future spending cuts and empty promises For sustained, accelerated economic growth, Mr. Biden’s promises mark the beginning of the era of federal taxation and the previously unseen spending in the United States outside of times of war or pandemic.
Where Mr. Trump sought to cut federal spending on Medicaid and Obamacare by more than $ 1 trillion, and rein in spending on Medicare, Mr. Biden’s budget includes federal subsidies for home health workers and low and medium An additional half a trillion is proposed in the expenditure of. -Iss Americans to buy health insurance.
And while Mr. Trump sought to back down from government action on climate change, Mr. Biden proposed nearly $ 1 trillion on climate-related initiatives, including infrastructure improvements, which meant fossilizing the nation’s economy Operating less and less than fuel. – Emissions energy sources.
Mr. Biden also wants to expand government safety nets in an effort to help Americans – especially women of all races and men of color – work and earn more, rather than funneling higher wages to workers Rely on corporate America.
Shalanda Young, acting director of the White House Budget Office, told reporters that the budget reflected “investment in the middle class and the way forward for the middle class”.
Congress will decide how much, if any, of Mr. Biden’s proposals for writing into law. The President has a narrow window of opportunity to pursue them. Democrats control the House and Senate with slight differences. Republicans have stalled Mr. Biden’s plan to raise taxes on high incomes and corporations, and much of his spending agenda, though some Senate Republicans negotiate a possible deal with the president to invest in physical infrastructure such as roads and bridges Have been.