President Joe Biden's proposed budget would heavily impact parents, but could also cause higher taxes for the wealthy.
If President Joe Biden gets his way, Americans who receive a child tax credit will see larger returns next tax season.
The budget calls on providing universal, free preschool nationwide. It also wants to implement 12 weeks of paid family leave. President Biden is proposing to increase the Medicare tax rate from 3.8% to 5% for those earning $400,000 a year or more. The budget would also expand how Medicare negotiates prices for more drugs and bring drugs into negotiation sooner after they launch.
President Biden is also calling for a $500 per student increase to the Pell Grant. The budget would also expand free community college tuition. After the president presents the annual budget, it goes to various House and Senate committees for markups. While the president is obligated to present a full budget, there are normally many changes, and that’s assuming a full budget is passed.
Republican oppositionImmediately after President Biden released his proposed budget, Republican lawmakers immediately came out opposed to it.
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