Under “Compact of Free Association” agreements with the three, the U.S. The amount includes $6.5 billion over 20 years to the Marshall Islands, Micronesia and Palau, plus an additional $634 million to maintain U.S. In addition, the budget would allocate $7.1 billion to renew agreements with three Pacific Island nations that the Chinese have been wooing. There’s also a proposed 5.2% proposed pay increase for troops, designed to help the military boost its lagging recruitment. The Pentagon would receive $842 billion, which includes money to modernize the U.S. foreign policy to confront China’s rising influence. Some of the budget is designed to help Biden’s effort to steer U.S. In addition, the president and first lady Jill Biden both recently had lesions removed that contained basal cell carcinoma, a kind of skin cancer.īiden wants to reduce cancer death rates in half over the next quarter-century. His eldest son, Beau, died from a brain tumor. He’s described the effort as a “ cancer moonshot” that should become a “national purpose” for Americans. CANCER RESEARCHīiden made fighting cancer part of the “unity agenda” that he outlined near the beginning of his administration, and he wants $2.8 billion to advance that goal. That approach is designed to make sure the credit benefits low-income families. The credit would be “fully refundable,” which means households could receive all of the money even if they don’t owe any taxes. The change would provide families up to $3,600 per child, up from $2,000. Now Biden wants to restore the credit to its previous level. CHILD TAX CREDITĬongress expanded the child tax credit during the pandemic to help families cope with the economic fallout, but the extra money expired last year. (Social Security is similarly being threatened by Republicans, Biden often says.) So expect to hear more from the White House on how the president’s plan would help older Americans. He also wants to increase the Medicare tax rate from 3.8% to 5% on income exceeding $400,000 per year, including salaries and capital gains.īiden has frequently targeted Republicans over their proposals to reduce Medicare benefits or force Congress to reauthorize the program. Some of the money would come from expanding the federal government’s ability to negotiate the cost of prescription drugs, something that began with the Inflation Reduction Act that Biden signed last year. The White House says Biden’s plan would push that date back to the 2050s. MEDICAREĪ key trust fund that funds Medicare, which provides health care to older adults, is on track to become insolvent in about five years, meaning it would be unable to fully cover the cost of benefits. The budget proposal would also close the “carried interest” loophole that allows wealthy hedge fund managers and others to pay their taxes at a lower rate. For example, people making more than $400,000 a year would once again face a top tax rate of 39.6%. Security Threatsīiden also wants to roll back tax breaks enacted under his predecessor, former President Donald Trump. Read More: China’s Ambitions, Russia’s Nukes and TikTok: Spy Chiefs Talk Biggest U.S. The White House calls this a “minimum tax on billionaires.” The idea is designed to extract more revenue from income that isn’t derived from salaries, ending what the administration describes as “special treatment” and “giant loopholes.” The president wants a 25% tax on the richest 0.01% of Americans. Biden frequently talks about making companies and the wealthy “pay their fair share,” and the budget is designed to further that goal.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |