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Morning Wire
Biden’s Budget Proposal & Illegal Immigrant Census Inclusion | 3.12.24
Mar 12, 2024
Biden's budget priorities for 2025, debate on including illegal immigrants in census, 16 state AGs accuse Wells Fargo of political discrimination
14:51
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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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