"Biden's Proposed Budget: Tax Breaks for Families, Increased Taxes for Corporations and Wealthy"

President Joe Biden's proposed 2025 budget includes significant tax breaks for millions of families, low-income workers, and senior citizens, aiming to provide much-needed relief to those who need it most. The budget initiatives seek to pay for these tax breaks by increasing taxes on corporations and the wealthy, a move that would reverse some of the tax cuts implemented during former President Donald Trump's administration. One of the key goals of the budget is to trim deficits by $3 trillion over the span of a decade. To achieve this, new taxes are projected to raise a total of $4.9 trillion, which would be used to fund the tax cuts and contribute to deficit reduction efforts. Among the proposed measures are the revival of the expanded Child Tax Credit (CTC) and the introduction of new tax breaks for low- and middle-income workers. Under the proposed budget, families would stand to benefit from monthly CTC checks, an expanded Earned Income Tax Credit (EITC) for workers earning below $64,000, and additional tax credits targeting various demographic groups. Furthermore, the budget includes provisions for affordable child care, free preschool for 4-year-olds, tax credits for first-time homebuyers, and a permanent expansion of premium tax credits for health insurance. To finance these initiatives, the budget outlines a plan to increase taxes on high-income Americans and corporations. This includes raising the corporate tax rate to 28% and requiring billionaires to pay a minimum of 25% of their income in taxes. Additionally, the budget proposes augmenting the highest individual income tax rate to 39.6% for single filers earning over $400,000 and married couples earning more than $450,000 annually. President Biden's budget is anchored in the principles of providing relief to those who need it most while ensuring that the wealthiest individuals and corporations pay their fair share. By prioritizing tax breaks for families, low-income workers, and senior citizens, the budget aims to foster a more equitable and inclusive society while addressing pressing economic challenges facing the nation.