Biden's 2025 Budget Proposal & Economic Priorities

President Biden's proposed 2025 budget amounts to $7.3 trillion, focusing on increased spending such as healthcare, tax credits, childcare subsidies, low-income housing, and women's health programs. This hefty budget is planned to be financed through a $5.5 trillion tax increase, including raising the corporate tax rate to 28% and imposing a 21% minimum tax on private companies worth $1 billion or more. Moreover, there are radical proposals to tax unrealized capital gains by billionaires and to tax the capital gains of individuals worth over $1 million as ordinary income. The likelihood of these proposals becoming law is low, as they are viewed more as a campaign strategy for the upcoming elections. The budget is expected to appeal to Biden's base, but its polarizing nature will intensify the political divide, with critics concerned about the impact on economic growth, job creation, and entrepreneurial ventures.