Biden Budget Proposal Aims To Reduce Deficit By... May 2026

Breaking Down the Proposals in the President's FY 2025 Budget

President Biden's Fiscal Year 2025 budget proposal aims to reduce the federal deficit by approximately $3 trillion over the next decade through tax increases on corporations and high-income individuals. The plan includes a 25% minimum tax on billionaires, a higher corporate tax rate, and expanded drug price negotiations, though it faces an uphill path in a divided Congress. For a detailed breakdown of the proposals, read the analysis at CRFB . Biden budget proposal aims to reduce deficit by...