President Biden just released the 2024 budget proposal, and one of the biggest things that the President is calling for is the restoration of the full Child Tax Credit. The 2024 budget would expand the credit from $2,000 per child to $3,000 per child for children six years old and above and to $3,600 per child for children under six years of age. (source)
What other areas is the President focusing on?
Lowering the cost of prescription drugs. The Budget also proposes to limit Medicare Part D cost-sharing for high-value generic drugs used for certain chronic conditions like hypertension and high cholesterol to no more than $2. (source) President Biden also wants to invests $150 billion over 10 years to improve and expand Medicaid home and community-based services, so seniors and individuals with disabilities could remain in their homes.
Of course those are just a few of the many points of the Biden budget proposal. You can read more about it with any of the links above.
Here's how the new budget would be funded
There are several ways that the budget would fund the 2024 budget. The White House would expand corporate taxation beyond the minimum tax by raising the standard corporate tax rate from 21 percent to 28 percent. The new budget also proposes quadrupling the stock buyback tax passed as part of the IRA, and raising the capital gains rate paid by investors to 39.6 percent for those earning more than $1 million. (source)
What do you think of the Biden administration budget proposal for 2024? Feel free to share your thoughts in the comments.
Disclaimer: Please note that this article is created for educational and informational purposes.