He projects slower increases in funding over 10 years with increases in wealth taxes.
President Joe Biden released his proposed budget for the 2025 fiscal year on Monday. In his proposal, income taxes for Americans earning more than $100 million per year would increase to 25 percent, which would bring in nearly $5 trillion in revenue over 10 years. Meanwhile, a swath of public resource agencies would receive a modest boost in funding, each receiving multiple billions to improve access for low-income Americans. Medicare, the Department of Housing and Urban Development, and the Environmental Protection Agency are a few of the agencies reflected in those spending increases.
“The story of America is one of progress and resilience, of always moving forward and never giving up,” President Biden wrote in his budget. “While my Administration has seen great progress since day one, there is still work to do. My Budget will help make that promise real.”
The proposal would reduce spending by $3 trillion over 10 years, but this is not enough to halt the growth of the nation’s $34 trillion deficit.
As the Lord Leads, Pray with Us…
- For the president and his federal budget advisors to be flexible considering the amount of national debt.
- For members of Congress to be prudent as their committees review the funding requests of various federal agencies.
Sources: Reuters, The Hill, The White House
