President Joe Biden is issuing a budget proposal Monday aimed at getting voters’ attention. It calls for tax breaks for families, lower health care costs, smaller deficits and higher taxes on the wealthy and corporations. The proposal for fiscal 2025 is unlikely to pass the House and Senate and become law. It is an election-year blueprint that sketches what the future could hold. If it became law, deficits could be pruned $3 trillion over a decade. Parents could get an increased child tax credit. Homebuyers could get a tax credit worth $9,600. Corporate taxes would jump upward, while billionaires would be charged a minimum tax of 25%.
