What’s In The Biden Budget For You?
President Biden proposes new spending on social programs to help the middle class that are offset by higher taxes on high earners and corporations.
President Biden proposed a $7.3 trillion budget with tax increases on corporations and high earners, new spending on social programs and a wide range of efforts to combat high consumer costs like housing and college tuition. Biden believes Americans want government to do more to help with day-to-day costs like child care and housing, and they want to raise taxes on big companies and high earners. So he’s going hard on both fronts. – NY Times
Republicans are upset that their billionaire donors will have to pay their fair share of taxes. Check this StoryMap to see how President Biden’s budget would improve your life. Republicans cutting taxes for their wealthy donors defund programs like Social Security, Medicare, education, veterans benefits and more. Should everyone pay their fair share of taxes?
What’s in the Biden Budget for you?
More Jobs – Following historic progress made since the President took office—with nearly 15 million jobs created and inflation down two-thirds. President Biden’s 2025 Budget expands on the Department’s work as part of the Biden-Harris Administration’s Investing in America Agenda to promote access to good-paying jobs and equitable growth, bolster supply chains and national security. – Commerce
Protect Medicare – The budget proposes a plan to extend the solvency of Medicare indefinitely by increasing the Medicare tax rate on Americans who earn more than $400,000 a year, closing various tax loopholes in existing Medicare taxes. – USA Today
Cut Drug Prices – Reduce health care costs, including capping the cost of insulin at $35 per month for all consumers. – NY Times
Make billionaires pay their fair share
The plan would raise taxes on large corporations and make billionaires pay a minimum 25 percent rate, which would help reduce the federal government’s budget deficit by some $3 trillion over a decade, the White House said.
“Congressional Republicans are on notice: You can’t give your friends on Wall Street tax cuts, add to the debt, while middle-class and working families suffer.” Republicans’ 2017 tax law — which gave sweeping tax cuts to big corporations — set to expire next year . Biden will not support extending tax cuts for those that make over $400,000. – NPR
Take Away: Taxes pay for Medicare, Social Security, Education, Public Infrastructure and other programs that help everyone. Make sure that everyone – including billionaire MAGA donors – pay their fair share of taxes. Vote for President Biden and Democrats.
Deepak
DemLabs
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