President Joe Biden is getting ready to share his annual budget, which is a big plan about money, on Monday. This plan is important because people are worried about the economy.
It matches up with what he talked about in his recent State of the Union speech. He wants to help middle-class people and show how he’s different from the Republicans who don’t agree with him.
The budget plan comes out as Biden is traveling to important states where the election will be close. He talks about things like making rich people pay more taxes and making medicine cheaper. Even though some people in Congress aren’t sure about these ideas, Biden hopes they’ll appeal to voters who feel left out by the economy.
The budget has some important things in it. It wants to help families with money problems, make more things in America, protect Social Security and Medicare, and reduce how much money the government owes.
Proposed tax hikes on corporations and billionaires (Via Jimmy Grint/Shutterstock)
To pay for all this, Biden wants to make big companies and really rich people pay more taxes. He thinks this will save $3 trillion over ten years.
Some interesting ideas in the budget include giving paid time off to everyone when they need it and spending more on finding a cure for cancer. There are also plans to make sure even the richest people pay a minimum amount of tax and increase the tax rate for big companies.
These ideas show Biden wants to keep working on the things he’s talked about before. But whether they actually happen depends on if Congress agrees with him.
The budget is an important way for Biden to show what’s important to him and his team. But because the Republicans control one part of Congress and Democrats only have a small majority in another part, it’s not clear if Biden’s ideas will become real laws.
