President Joe Biden’s $7.3tn fiscal 2025 budget proposal sets out a vision for a potential second term, focusing on delivering more services, middle-class tax breaks, and price controls. The proposal includes monthly tax credits for homeowners, subsidies for child care, and measures to lower prescription drug prices. To fund these programs, Mr. Biden plans to increase taxes on the wealthy and corporations, including a hike in corporate taxes and a new minimum rate for billionaires and larger companies. The budget aims to entice voters but faces opposition from Republicans due to rising deficits. He also proposes increased funding for defense-related programs, domestic spending, and the Justice Department’s antitrust budget.The plan also includes measures to negotiate prescription drug prices and promote unity with proposals for women’s health, affordable housing, and Pell Grants.
