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Morning Wire
Biden’s Budget Proposal & Illegal Immigrant Census Inclusion | 3.12.24
Mar 12, 2024
Biden's proposed $7.3 trillion budget for 2025 sparks controversy, as it hinges on significant tax increases and raises concerns about economic stability. The debate intensifies over including illegal immigrants in the U.S. census, impacting congressional representation and potentially disenfranchising Republican voters. State attorneys general target Wells Fargo for alleged political discrimination, questioning corporate practices and the influence of ideology on lending. Tensions rise as the implications of a social credit system loom on corporate governance.
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Quick takeaways
- Biden's budget proposes $7.3 trillion plan including a $5.5 trillion tax hike and taxing billionaires' unrealized gains, sparking economic concerns.
- Senate Republicans question census inclusion of illegal immigrants, highlighting debates on fair representation and political power distribution.
Deep dives
Biden's 2025 Budget Proposal: Overview
Biden's proposed 2025 budget focuses on a $7.3 trillion plan introducing increased spending across various sectors like healthcare, tax credits, childcare subsidies, low-income housing, and women's health initiatives. To fund this, a $5.5 trillion tax hike is proposed, including raising the corporate tax rate to 28% and imposing a 21% minimum tax on large companies. A controversial proposal involves taxing unrealized capital gains of billionaires, sparking concerns about economic repercussions like reduced job creation and business stability.
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