Biden to Issue Budget Plan for Second Term

“President Joe Biden is issuing a budget plan Monday aimed at getting voters’ attention: tax breaks for families, lower health care costs, smaller deficits and higher taxes on the wealthy and corporations,” the AP reports.

“Unlikely to pass the House and Senate to become law, the proposal for fiscal 2025 is an election-year blueprint about what the future could hold if Biden and enough of his fellow Democrats win in November…”

“If the Biden budget became law, deficits could be pruned $3 trillion over a decade. Parents could get an increased child tax credit. Homebuyers could get a tax credit worth $9,600. Corporate taxes would jump upward, while billionaires would be charged a minimum tax of 25%.”

Playbook: “You are correct to note that Congress still hasn’t finished passing fiscal 2024 appropriations, so please forgive us snarking our way toward fiscal 2025. But we still manage to pay a modicum of attention every year to glean how the administration is assembling and messaging its priorities — ‘show me your budget, and I’ll show you your values,’ and all that.”