MANCHESTER, N.H. (AP) — President Joe Biden has issued a budget proposal for a second term aimed at getting voters’ attention with tax breaks for families, lower health care costs, smaller deficits and higher taxes on the wealthy and corporations. The proposal for fiscal 2025 is unlikely to pass the House and Senate and become law.
It’s an election year blueprint sketching what the future could hold. If it became law, deficits could be pruned $3 trillion over a decade. Parents could get an increased child tax credit. Corporate taxes would jump upward. Billionaires would be charged a minimum tax of 25%. It also has a $2,000 cap on drug costs. House Speaker Mike Johnson called the proposal a glaring reminder of the administration’s “insatiable appetite for reckless spending.”
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