President Biden unveils a $7.3 trillion budget for 2025, featuring ambitious proposals to raise taxes on wealthy individuals and corporations.

The plan aims to reduce deficits by $3 trillion over the next decade, emphasizing measures such as increasing the corporate tax rate, implementing a minimum tax on billionaires, and quadrupling the stock buybacks tax.

Although the budget faces slim chances of becoming law in a divided Congress, it serves as a crucial tool for Biden’s campaign and guides Democrats in fiscal year 2025 funding discussions.

The proposal focuses on addressing “wealthy tax cheats” and revising elements of former President Trump’s 2017 tax plan, The Hill reported.

Despite positive economic indicators, Biden grapples with low approval ratings and skepticism about his economic management.

The budget echoes last year’s plan, emphasizing deficit reduction and taxing the affluent, while Biden remains steadfast in protecting Social Security and Medicare against potential changes proposed by Trump.

Written by B.C. Begley