Expanding Child Tax Credit Becomes One of Biden’s 2024 Agenda

Individuals who receive the child tax credit would receive higher returns during the upcoming tax season if President Joe Biden has his way.

President Biden suggests increasing the child tax credit from $2,000 per child to $3,000 per child for children 6 years old and older and to $3,600 per child for children under 6 in the budget unveiled on Thursday. In 2021, as part of pandemic relief, parents received an enhanced child tax credit; however, despite Democratic efforts, the credit expired. The proposed budget proposes for universal, free preschool to be offered nationally. Also, 12 weeks of paid family leave are being proposed.

The Medicare tax rate will rise from 3.8% to 5% for everyone making $400,000 or more per year, according to President Biden’s proposal. The budget would also increase the number of pharmaceuticals for which Medicare negotiates pricing, as well as bring drugs up for discussion sooner after their introduction, based on the article published by WXYZ on March 09, 2023.

According to the White House, the budget contains $59 billion in mandated financing and tax incentives focused at expanding the supply of affordable housing.

The Pell Grant should be increased by $500 for each student, according to President Biden. The budget would increase the amount of community college tuition that is free.

As per the White House, President Biden’s budget will cut the nation’s deficit by $3 trillion over the course of ten years. President Biden is suggesting a 25 percent minimum tax on the wealthiest 0.01 percent in order to aid in the reduction of the deficit.