Biden’s budget proposal for a second term offers tax breaks for families and lower health care costs

President Joe Biden delivers remarks on lowering prices for American families during an event at the YMCA Allard Center, Monday, March 11, 2024, in Goffstown, N.H. on Monday released a budget proposal aimed at getting voters’ attention: It would offer tax breaks for families, lower health care costs, smaller deficits and higher taxes on the wealthy and corporations.

“I’m here in New Hampshire to talk about the budget I released today that would, I think, help in a big way,” Biden said. House Speaker Mike Johnson, R-Louisiana, issued a joint statement with other GOP leaders calling the Biden proposal a “glaring reminder of this Administration’s insatiable appetite for reckless spending.”

Parents could get an increased child tax credit in 2025, as payments would return briefly to the 2021 level funded by Biden’s coronavirus pandemic relief package. Homebuyers could get a tax credit worth up to $10,000 and $10 billion in down payment aid for first-generation buyers. Corporate taxes would jump upward, while billionaires would be charged a minimum tax of 25%.

Biden’s plan would permanently keep Medicare solvent, according to aides, but as noted by Maya MacGuineas, president of the fiscal group Committee for a Responsible Federal Budget, it does not appear to fix Social Security, which projections say will be One key theme in the budget plan is an effort to help families afford their basic needs, as the impact of The budget proposal includes $258 billion to help build or preserve 2 million homes, helping to address a national shortage that has kept housing prices high. Parents making under $200,000 annually would have access to child care, with most eligible families paying no more than $10 a day.

Source: Healthcare Press (healthcarepress.net)

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