The White House on Monday released Biden’s proposed budget for 2025, which contains a wish list of tax increases and spending proposals favored by Democrats.
The proposals for new federal spending programs and taxes will not become law this year, given Republican control of the House of Representatives. But they provide a sense of what initiatives President Joe Biden would pursue if he wins a second term.
The budget would significantly raise taxes, from roughly 18% of GDP to over 20%. But it would not close the deficit in the 10-year budget window and would see the federal debt held by the public rise as high as 106% of GDP. Biden has made it his goal to increase taxes not only on corporations but also on the wealthiest. The president has vowed not to raise taxes on those making less than $400,000 per year, although he has come out fervently in favor of soaking the very wealthy — Congress, though, has blocked most of those efforts.
Among the proposals is providing a $5,000 tax credit for middle-class first-time homebuyers for two years, described as a form of mortgage relief. The proposal also includes expanding the child tax credit to the supercharged level it was temporarily at as part of the pandemic-era American Rescue Plan Act, which passed with no Republican support.
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