President Biden Reveals Budget Proposal For 2025 Fiscal Year

The budget would cut taxes for millions of low and middle-income families, and it includes proposals to lower the cost of child care, prescription drugs, housing and utilities.

President Biden revealed his budget proposal Monday, for the fiscal year.

Biden is calling for tax increases for large corporations and for billionaires to pay a minimum 25% tax rate. The president’s proposal would also reduce the federal deficit by nearly $3 trillion over a 10-year period, raising taxes on wealthiest Americans and businesses.

The budget would crack down on corporate profit sharing as well.

The budget would cut taxes for millions of low and middle-income families, and it includes proposals to lower the cost of child care, prescription drugs, housing and utilities.

The proposal also calls for reforms to strengthen Medicare and Social Security along with other White House priorities.

Overall, the proposal is expected to mirror last year’s budget