On March 9, 2023, the White House released President Biden’s proposed budget for Fiscal Year 2024. The budget, representing $6 trillion in spending, aims to address several key issues, including climate change, healthcare, education, and infrastructure.
One of the most significant aspects of the budget is its focus on climate change. The administration has proposed investing $1.7 trillion in clean energy and infrastructure projects to achieve net-zero emissions by 2050. This investment includes funding for electric vehicle charging stations, renewable energy tax credits, and research and development for new technologies.
In terms of healthcare, the budget includes significant investments in Medicaid and the Children’s Health Insurance Program (CHIP) and funding to combat the opioid epidemic. The administration has also proposed lowering the age of eligibility for Medicare from 65 to 60, a move that would expand healthcare coverage to millions of Americans.
The budget also includes a significant investment in education, with $121 billion allocated for initiatives that would increase access to preschool and make college more affordable. Additionally, the budget proposes $20 billion in funding for Historically Black Colleges and Universities (HBCUs) and other minority-serving institutions.
Infrastructure is another primary budget focus, with the administration proposing $1.3 trillion in spending on roads, bridges, and other transportation projects. This investment includes funding for electric vehicle infrastructure and improvements to public transportation.
The budget also includes several proposals to increase tax revenue, including raising the corporate tax rate from 21% to 28% and increasing taxes on individuals earning more than $400,000 annually. The administration has also proposed a new minimum tax on corporations with profits over $2 billion, ensuring that large corporations pay at least a 15% tax rate.
Overall, the proposed budget represents a significant investment in areas that impact the lives of Americans, including climate change, healthcare, education, and infrastructure. While there will likely be debates and negotiations around specific proposals, the budget clearly defines the Biden administration’s priorities and values.
For more details: FACT SHEET: The President’s Budget for Fiscal Year 2024
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