Amplify: President Biden’s Visionary Budget

Mar 25

President Biden sent his FY 2025 budget to Congress this month. It reflects the priorities and values of the Democratic Party, and is something we should all be amplifying widely.

Highlights

Lowers Drug Prices. Expands the Inflation Reduction Act’s inflation rebates and $2,000 out-of-pocket prescription drug cost cap beyond Medicare and the $35 cost-sharing cap for a month’s supply of insulin into the commercial market.
Cuts Taxes for most Americans. Cuts taxes for middle- and low-income Americans by $765 billion over 10 years and restores the full Child Tax Credit enacted in the American Rescue Plan, which helped cut child poverty nearly in half in 2021 to its lowest level in history.
Lowers Child Care Costs. Creates a historic new program guaranteeing working families with incomes up to $200,000 per year affordable, high-quality child care from birth until kindergarten, with most families paying no more than $10 a day,
Increases Affordable Housing Supply. Includes a historic investment of more than $258 billion that would build or preserve over 2 million units.
Expands Access to Homeownership. Includes a new tax credit for middle-class first-time homebuyers of up to $10,000 over two years to ease affordability challenges.
Protects and Strengthens Medicare. It extends the solvency of Medicare by modestly increasing the Medicare tax rate on incomes above $400,000.
Prioritizes Veterans’ Mental Health Services. Invests $135 million within the Department of Veterans Affairs (VA) research programs, together with $17 billion within the VA Medical Care program, to increase access to quality mental healthcare.
Provides National, Comprehensive Paid Family and Medical Leave. Proposes a national, comprehensive paid family and medical leave program, providing up to 12 weeks of leave.
Supports a Strong Nutrition Safety Net. Provides $8.5 billion for critical nutrition programs, including $7.7 billion to fully fund the Special Supplemental Nutrition Program for Women, Infants, and Children (WIC).
Tackles Crime, Reduces Gun Violence, and Makes America’s Communities Safer. Invests an additional $1.2 billion over five years to launch a new Violent Crime Reduction and Prevention Fund to give law enforcement the support they need to focus on violent crime.