President Biden proposes $7.3tn budget for 2025.

President Joe Biden's proposed budget for fiscal year 2025 includes significant tax increases for corporations and the wealthy, aiming to reduce the federal deficit by nearly $3 trillion over the next decade. Key tax proposals include a 25% minimum tax on households earning more than $100 million, partially repealing former President Donald Trump's tax cuts, raising the top individual tax rate to 39.6% from 37%, and the corporate tax rate to 28% from 21%. Biden's budget proposal also includes cost-cutting measures for families, affordable housing, American manufacturing, and investment in equity initiatives.

March 11, 2024
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