U.S. President Joe Biden delivers remarks on lowering costs for American families during a visit to Goffstown, New Hampshire, U.S., March 11, 2024.
Kevin Lamarque | Reuters
President Joe Biden’s 2025 funding proposal released Monday repackaged his tax hike proposals on billionaires and corporations and many other requests from his 2024 budget, which is still under negotiation on Capitol Hill halfway into the fiscal year.
Like all presidential budgets, Biden’s 2025 plan is more of a wish list than it is a policy document.
Biden’s budget comes in at $7.3 trillion in spending proposals, up from $6.9 trillion in 2024 though the two proposals include mirroring requests for boosts to Social Security, Medicare and tax hikes for the wealthy.
This year, as the president faces a likely general election rematch against Donald Trump in November, his budget is also a statement of the Biden campaign’s economic platform.
Trump on Monday morning suggested cutting entitlement programs like Social Security, Medicare and Medicaid in a CNBC interview.
“There is a lot you can do in terms of entitlements in terms of cutting and in terms of also the theft and the bad management of entitlements,” Trump said on CNBC’s “Squawk Box.”
Biden has repeatedly fired back at the comment in the hours since.
“Even this morning, Donald Trump said cuts to Social Security and Medicare are on the table again,” Biden said at a speech in New Hampshire following the budget proposal’s release. “I’m never going to allow that to happen.”
Taxing the rich
According to the White House, the budget aims to reduce the federal deficit by $3 trillion over the next 10 years largely by imposing a minimum 25% tax rate on the unrealized income of the very wealthiest households and by reshaping the corporate tax code. Biden’s budget would raise taxes for billion-dollar companies from 15% to 21% and hike the broader corporate tax rate to 28%.
“We can do all of our investments by asking those in the top 1 and 2% to pay more into the…
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