March 11, 2024

Biden

Axios  - President Biden's budget, out later today, will propose tax breaks for families and push for tax increases for the wealthiest Americans.... At noon, Biden will send Congress a budget for fiscal year 2025 that fills out details of the populist economic agenda he's been previewing for months.

  • Under Biden's plan, parents would get an increased child tax credit, cutting taxes by an average of $2,600 for 39 million low- and middle-income families.
  • Biden wants to strengthen the Earned Income Tax Credit for low-paid workers who aren't raising a child in their home — cutting taxes by an average of $800 per year for 19 million working individuals or couples.
  • He wants to enshrine some Affordable Care Act protections set to expire next year.\
  • Biden is calling on Congress to apply his $2,000 cap on drug costs and $35 insulin to everyone, not just people on Medicare.
  • Corporate taxes would jump. Billionaires would be charged a minimum tax of 25%.
Like most presidential budgets, Biden's stands little chance of becoming law. But it helps him define what he'd do in a second term.

Feedspot -   Sen. Sanders was asked if he could, in good conscience, ask his supporters to vote for President Biden. Sanders answered,  “Well, look, the contrast that I think President Biden made it very clear in the State of the Union address. If you believe that climate change is real, you’ve got to vote for President Biden, if you believe that women have a right to control their own bodies, you’ve got to vote for President Biden. If you think that at time of massive income and wealth inequality, you don’t give trillions of dollars in tax breaks to the 1%, you’ve got to vote for Biden. If you want to lower the cost of prescription drugs, you’ve got to vote for Biden. If you believe in democracy, and involving people in the process, rather than keeping people from voting, you have to vote for Biden.”