President Biden released his budget proposal for 2024. The budget proposal is long, so I am going to make it easier by breaking it up into a few articles. Biden plans on increasing taxes, saying the rich and corporations need to pay their fair share. Biden says his budget cements our commitment to confronting global challenges and keeping America safe. It outlines crucial investments to out-compete China globally and to continue support for Ukraine in the face of unprovoked Russian aggression. It also continues our work to restore America’s global leadership—reviving key alliances and partnerships, strengthening our military, fostering democracy and human rights, protecting global health, honoring our veterans, fixing our immigration system at home, and advancing cybersecurity through the implementation of the National Cybersecurity Strategy.
- Capital Gains Tax will increase from 20% to 39.6%
- The corporate Tax rate will increase from 21% to 28%
- The top tax rate will increase from 37% to 39.6% this will be for single filers making $400,000 or more annually and couples making $450,000 or more annually
- 25% minimum tax on billionaires
Government agency and program spending:
- Health and Human Services $22.1 billion for early child care and education programs including Head Start. This is an increase of $2.1 billion.
- $59 billion for funding and tax incentives to increase the affordable housing supply.
- $1.8 billion for the HOME Investment Partnership Program to construct and rehabilitate affordable rental housing and provide homeownership opportunities. This is an increase of $300 million.
- $258 million to support 2,200 units of new permanently affordable housing specifically for the elderly and persons with disabilities.
- $459 million for the USDA's rural housing programs to increase rural housing opportunities, reduce rent burdens for low-income rural tenants, and also increase the resiliency of rural housing to the impacts of climate change.
- $3.4 billion for the Community Development Block Grant program to help communities modernize infrastructure, invest in economic development, create parks and other public amenities, and provide social services.
- $10 billion in mandatory funding for a new FirstGeneration Down Payment Assistance program to help address racial and ethnic homeownership and wealth gaps, as well as $100 million for a HOME down payment assistance pilot to expand homeownership opportunities for first-generation and/or low-wealth first-time homebuyers.
- $15 million to increase the availability of FHA small balance mortgages.
- $9 billion to establish a housing voucher program for all 20,000 youth aging out of foster care annually.
- $13 billion to incrementally expand rental assistance for 450,000 ELI veteran families.
- $32.7 billion for the Housing Choice Voucher Program which expands access to affordable rent. This is an increase of $2.4 billion.
- $4.1 billion for the Low Income Energy Assistance Program (LIHeap) This is a $111 million increase
- $30 million in grants and $1 billion for loan guarantees for renewable energy systems and energy efficiency improvements for farmers and rural small businesses.
- $230 million for the Port Infrastructure Development Program to strengthen maritime freight capacity.
- $76.1 billion for highway, highway safety, and transit formula programs. This includes $60.1 billion for the FederalAid Highway program to continue repairing and upgrading the Nation’s highways and bridges and build out a national network of electric vehicle chargers. This is an increase of $1.3 billion.
- $4.6 billion for the DOT to advance the Nation’s most urgent and complex transportation infrastructure projects.
- $16.5 billion for the Federal Aviation Administration. This funding would continue the hiring and training of air traffic controllers.
- $375 for the National Institute of Standards and Technology’s (NIST) Industrial Technology Services, this is an increase of $163 million.
- $277 million for the Manufacturing Extension Partnership, a public-private partnership with centers in every State that offers advisory services to an increasingly diverse set of small and medium enterprises so they can thrive in the global economy. This is an increase of $102 million.
- $25 billion for CHIPS and Science Act-authorized activities. This is an increase of $6.5 billion.
- $2.3 billion for the Department of Labor. This is an increase of $430 million. This will allow the Department of Labor to protect workers’ wages and benefits, combat exploitative child labor, address the misclassification of workers as independent contractors, and improve workplace health and safety.
- $335 million for Registered Apprenticeship which is a critical tool for training future workforces in the construction, clean energy, semiconductor, transportation and logistics, education, and other growing and in-demand industries. This is a $50 million increase.
- $100 million to build community colleges’ capacity to work with the public workforce development system and employers to design and deliver high-quality training programs in communities across the Nation. This is an increase of $35 million.
- $3.7 million to modernize, protect, and strengthen unemployment insurance. This is an increase of $522 million.
- $16.8 billion for the Individuals with Disabilities Education Act (IDEA) for grants to support special education and related services for more than seven million students with disabilities in grades Pre-K through 12. This is an increase of $2.1 billion.
- $932 million in IDEA Part C grants which will support early intervention services for infants and families with disabilities. This is an increase of $392 million.
- $20.5 billion for Title 1. This is a $2.2 billion increase. Title I delivers critical funding to 90 percent of school districts across the Nation, helping them to provide students in low-income communities the academic opportunities and support they need to succeed. This increase in funding addresses chronic funding gaps between high-poverty schools—which disproportionately serve students of color—and wealthier schools.
- $150 billion over 10 years to improve and expand Medicaid home and community-based services, such as personal care services, which would allow older Americans and individuals with disabilities to remain in their homes and stay active in their communities.
- $512 million for the Title X Family Planning program which will increase the number of patients served to 4.5 million.
- $471 million to support the ongoing implementation of the White House Blueprint for Addressing the Maternal Health Crisis and to reduce maternal mortality and morbidity rates; expand maternal health initiatives in rural communities; implement implicit bias training for healthcare providers; create pregnancy medical home demonstration projects; and address the highest rates of perinatal health disparities, including by supporting the perinatal health workforce. In addition, the Budget requires all States to provide continuous Medicaid coverage for 12 months postpartum.
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