$7.266 Trillion Biden Budget – All You Need to Know about President Biden’s $7.3T budget proposal

In a document released by the White House on March 11, US President Joe Biden asks for a total of $7.266 trillion to fulfil the FY2025 budget. The $7.266 trillion comprises $965 billion to pay interest on the national debt, over $4.3 trillion for various programs, such as Social Security, Medicaid, and Medicare, and $900 billion for the military. A $460 billion budget measure that Biden signed into law on March 9 would finance several federal departments and agencies, preventing a shutdown brought on by a lack of cash.

Amounting to around 30% of the whole federal budget for FY2024, the statute controls funding for the departments of agriculture, commerce, justice, and other agencies. Republicans and Democrats are still debating over one of the most important financial papers, which has prevented Congress from passing the US defence budget for 2024.

$7.266 Trillion Biden Budget

In a $7.3 trillion proposal that is unlikely to be passed by the politically divided Congress, U.S. President Joe Biden unveiled his goals for federal spending in 2025. In an effort to win over voters in a crucial swing state, Biden promoted the idea while in New Hampshire, where he was pitching his plan to raise taxes on the wealthiest to the American people. In Biden’s budget, which will go into effect on October 1st, many Democrats’ liberal wish lists are included.

These include much greater taxes on companies and the affluent as well as more aid for low- and middle-class workers to help them cover the high expenses of child care and housing. The president’s proposal would boost the corporation tax rate from 21% to 28%, hike the rate for people making over $400,000 annually, and mandate that those with wealth over $100 million pay at least 25% income tax.

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Major takeaways from the Biden budget request

According to President Joe Biden’s budget request for fiscal 2025, the government of US will continue to cut expenses for the majority of families while increasing taxes on the affluent and corporations, fund climate measures, and support American allies overseas. The $7.266 trillion budget plan includes a number of new or revised programs in addition to boosting taxes on the wealthiest, aiding international partners, and extending the child tax credit. In the upcoming months, Congress will have the option to approve or reject Biden’s proposals.

  • Household costs- A number of policy reforms and enhancements to social programs are included in the budget with the goal of lowering expenditures for the majority of households. The proposal allots $1.3 billion for the development and rehabilitation of affordable homes through the state and municipal block grant program known as the Home Investment Partnerships program. Additionally, the budget proposes to establish a new tax credit for first-time home sellers and purchasers.
  • Taxes- By raising taxes on the wealthiest and some companies, the budget aims to reduce the government deficit. Raising the corporation tax rate to 28% is part of the budget, which divides the 21% rate from the 2017 tax code that was approved by the Republican Congress under the administration of President Donald Trump, and the 35% rate from the previous law. Additionally, the corporate minimum tax imposed in the Inflation Reduction Act would rise from 15% to 21% under the budget.
$7.266 Trillion Biden Budget - All You Need to Know about President Biden's $7.3T budget proposal

Biden Requests $7.3 Trillion US Budget for Fiscal 2025

On March 11, President Joe Biden unveiled his yearly budget, sharing the policies he will run on in November to win reelection. Many of the measures, such as taxing large businesses and the affluent more heavily, cutting costs for working Americans, lowering the price of prescription drugs, and assisting families in meeting the expense of raising children, are long-standing goals of Biden and congressional Democrats.

In his State of the Union speech, he shared a sneak peek at some of them. The proposals are unlikely to pass the Republican-controlled House, but they will provide President Biden with an opportunity to compare himself with his anticipated opponent, Former President Donald Trump, who, according to Biden, is more concerned with the interests of huge corporations and the wealthy.

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$7.3 Trillion US Budget- Child tax credit, Medicare, Social Security

  • According to the budget proposal, Congress should raise the child tax credit to the levels seen during the COVID-19 epidemic, which helped cut child poverty nearly in half in 2021 to its lowest level in history. According to the proposal, the Budget would increase the credit from USD 2,000 per child to $3,000 per child for children 6 years old and above, and to 3,600 US Dollar per child for children under 6.
  • In order to strengthen Medicare, the budget asks Congress to modestly increase the Medicare tax rate on incomes above $400,000 and close loopholes in existing Medicare taxes.
  • When it comes to preventing a nearly 25% reduction in Social Security benefits in 10 years when the trust fund runs out of money, the budget request only states that President of USA to working with the Congress to protect Medicare and Social Security for this and coming generations.
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