President Biden Sends Budget to Congress
President Biden released a $6.8 trillion proposed
for FY 2024 on March 9. The administration’s proposal would increase spending on the military, implement a wide range of new social programs and reduce the budget deficit by raising taxes on wealthy individuals and corporations. The budget includes a minimum tax on billionaires, an increase on the corporate tax rate, repealing Trump’s tax cuts for the wealthy, restoring the enhanced child tax credit, improving Medicare’s finances, $35 insulin for all Americans, reducing prescription drug costs for seniors, making enhanced Obamacare subsidies permanent, increasing food security, reducing maternal mortality, lowering Medicaid spending, making college more affordable, universal preschool and affordable child care, providing paid family and medical leave and addressing climate change. The budget proposes hiking payroll taxes on wealthy Americans by raising Medicare taxes from 3.8% to 5% on annual income above $400,000. While the proposal is important for negotiations over government spending and grants Biden an opportunity to publicly outline his priorities, his plan is unlikely to become law since Republicans have control of the House and vow to seek deep cuts to federal spending.