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President Biden’s budget proposal for fiscal year 2025, features tax breaks, healthcare reforms, and increased taxes on the wealthy. However, the Republicans challenge Biden’s plan.
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President Biden’s Bold Budget Proposal
President Joe Biden’s budget proposal for fiscal year 2025 includes offering tax breaks, and improved healthcare costs. According to the Chicago Sun-Times, the wealthy and corporations will also have increased taxes. If his proposal passes, it projects a reduction of $3 trillion over a decade in deficits. It will also generate $4.9 trillion in additional tax revenue. Moreover, a portion of these funds, around $1.9 trillion, is proposed to be used for deficit reduction efforts.
The proposal’s highlights are controlling drug costs and improving the child tax credit. Also, the proposal aims to revive the housing market and support first-time home buyers through tax credits and down payment assistance. It was said that this is President Biden setting the stage on fiscal priorities and government spending for the upcoming elections.
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Biden’s proposal aiming to support American families received feedback from both sides of the political aisle. Republican leaders see it as excessive spending and unsustainable. They are pushing instead spending cuts in entitlement programs like Medicare and Medicaid. President Biden is firm in his promise to protect social programs from cuts. This sets the stage for a debate of priorities on Capitol Hill.
Former President Donald Trump’s approach includes calls for tax cuts and deregulation which add complexity to the budget negotiations. As Congress works to finalize the upcoming fiscal year and the remainder of this current year, Capitol Hills is in a budget battle in preparation for the country’s economic future and political landscape.
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