President Joe Bidens Budget Proposal

Bidens Budget proposal 

 On May 28, 2021, President Joe Biden released his proposed budget for the fiscal year 2022. The budget, titled "Budget of the United States Government, Fiscal Year 2022," outlines Biden's priorities for the coming year and beyond.

Overall, Biden's budget proposal seeks to address long-standing inequities in the American economy, strengthen social safety net programs, invest in infrastructure and green energy, and increase funding for education and research. In this article, we will take a closer look at the key elements of Biden's budget proposal, including its major spending priorities and revenue sources.

• Spending Priorities

Infrastructure and Green Energy

Biden's budget proposal includes a significant investment in infrastructure and green energy. Specifically, the proposal calls for $621 billion in new spending on transportation infrastructure, including roads, bridges, and public transit systems. It also includes $174 billion in new spending on electric vehicle technology and charging infrastructure.

In addition to transportation infrastructure, Biden's budget proposes $100 billion in new spending on clean energy research, development, and deployment. This includes investments in renewable energy sources such as wind and solar, as well as efforts to modernize the electrical grid and promote energy efficiency.

• Social Safety Net Programs

Biden's budget proposal also seeks to strengthen social safety net programs that support low-income and middle-class Americans. The proposal includes a $1.9 trillion investment in health care programs, including expanded access to affordable health insurance and prescription drugs.

The budget proposal also includes significant investments in child care and early education, including a $200 billion investment in universal pre-K and a $225 billion investment in child care. The proposal also includes a $400 billion investment in expanding access to home and community-based services for elderly and disabled Americans.

• Education and Research

Biden's budget proposal includes a significant investment in education and research. The proposal calls for a $20 billion increase in funding for Title I schools, which serve low-income students. It also includes a $14 billion increase in funding for special education programs.

In addition, the budget proposal includes a $9 billion increase in funding for the National Institutes of Health (NIH) to support research into diseases such as cancer and Alzheimer's.

• Revenue Sources

Biden's budget proposal includes several revenue-raising measures to pay for his proposed spending priorities. Some of the key revenue sources include:

• Corporate Tax Reform

Biden's budget proposal includes several changes to the corporate tax code, including an increase in the corporate tax rate from 21% to 28%. The proposal also includes a minimum tax on corporations with profits over $2 billion and a crackdown on offshore tax havens.

• Tax Increases for High-Income Americans

Biden's budget proposal includes several tax increases for high-income Americans. The proposal calls for an increase in the top marginal income tax rate from 37% to 39.6%. It also includes a new tax on capital gains for households with incomes over $1 million.

• Increased IRS Enforcement

Biden's budget proposal includes increased funding for IRS enforcement efforts. The proposal calls for $80 billion in new funding for the IRS over the next decade, with a focus on closing the "tax gap" by cracking down on tax evasion by high-income Americans and corporations.

• Conclusion

Overall, Biden's budget proposal represents a significant investment in infrastructure, green energy, social safety net programs, education, and research. The proposal seeks to address longstanding inequities in the American economy and create a more equitable and sustainable future.

To pay for his proposed spending priorities, Biden's budget includes several revenue-raising measures, including corporate tax reform, tax increases for high-income Americans, and increased IRS enforcement efforts. If implemented, these measures would represent a significant shift in the direction of the US government's fiscal policies, with a greater focus on addressing income inequality and raising revenue from wealthy individuals and corporations.

While Biden's budget proposal has received support from many Democrats, it is likely to face opposition from Republicans who are opposed to tax increases and increased government spending. It remains to be seen how much of Biden's proposal will be included in the final budget, as the budget must be passed by Congress and signed by the President.

Overall, Biden's budget proposal reflects his administration's commitment to investing in the American people and promoting economic growth and sustainability. If implemented, the proposal has the potential to make significant strides in reducing income inequality, promoting social justice, and addressing the urgent challenges of climate change and infrastructure decay.