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President Joe Biden is preparing to propose his next budget, which the White House says includes increased support for families and higher taxes on the wealthy.
It faces a tough road to passing the House.
“Families need more breathing room, which is why the budget includes proposals for everyday medical care, lowering drug prices and expanding access to prescription drugs,” Office of Management and Budget Director Shalanda Young said at a press conference Monday. It includes,” he said. .
“This will reduce costs for families with children and American workers, and reduce child care costs for hard-working families,” Young continued. “Increase the supply of federal housing to reduce housing costs, expand access to homeownership and affordable rents, and reduce down payments for first-time, first-generation homebuyers with new mortgage relief credits; Reduce the cost of college and elevator costs’ student loan burden. ”
The budget, released Monday, aims to increase funding for federal agencies, but all of Biden’s requests must be approved by Congress. In addition to restoring the child tax credit, the president also aims to strengthen Social Security and Medicare by ensuring that Americans do not face reductions in benefits, while also ensuring that the Social Security Administration increases customer convenience. It also aims to increase the Social Security Administration’s budget by $1.3 billion to increase gender equality. Services for people who rely on benefits.
“This president will not respond to proposals to cut benefits from hard-working Americans who have paid into our system their entire working lives,” Young said, adding, “This president will not respond to proposals to cut benefits from hard-working Americans who have paid into our system their entire working lives.” “Once you earn $10,000, you’re done paying Social Security taxes,” he added. Sometime in February. is that fair? And we don’t think so. ”
The budget also focuses on pro-income tax policy, again proposing a minimum income tax on millionaires and raising the corporate tax rate to 28%. It also calls for raising the minimum corporate tax rate, which is designed to curb inflation, from 15% to 21% and restoring IRS funding to crack down on debt avoidance by high-income earners. Biden also wants to prevent companies from giving large salaries to top executives, proposing to deny deductions to companies that pay employees more than $1 million.
Other key elements of Biden’s budget request include increased funding for the Office of Federal Student Aid to facilitate repayment transitions for millions of student loan borrowers, more investments in climate change programs, and This includes efforts to support more affordable housing.
But with Republicans controlling the House, Biden’s budget request is unlikely to be approved in its current form.In recent years, the Republican Party proposed cut Republicans included cuts to education programs and nutrition assistance programs in their plan to avoid a government shutdown announced in September.
And any proposal to raise taxes on the super-wealthy is likely to die at that point, and even Democrats are unable to pass legislation on their own that would raise taxes on high-income earners and corporations.
Would restoring the child tax credit or preserving Social Security benefits affect your life? Contact these reporters: jkaplan@businessinsider.com and asheffey@businessinsider.com.