If it’s true that a budget is a moral document, then what does President Biden’s new budget say about him? It shows a man who cares about Americans, and not the mega-rich ones. It’s a love letter to the lower and working class. It says to regular Americans, I want to help you.
Here are a few great things in President Biden’s 184-page budget:
- It restores the extended child tax credit.
- Protects and even expands Social Security and Medicare.
- Makes enhanced Obamacare subsidies permanent.
- Provides universal free preschool.
- Establishes a national paid family and medical leave program.
- It demands a $35-a-month cap on insulin prices for all Americans.
- Cuts the cost of prescription drugs for seniors even more.
- Provides money for food security and preschool meals.
- Pays to reduce maternal mortality rates.
- Makes college more affordable.
- Funds affordable child care.
- Provides money to address climate change.
- Provides funding to increase our affordable housing supply.
- There’s a housing voucher program for veterans.
- A cancer moonshot.
- A ton of money for American manufacturing.
The budget goodness goes on and on.
But, isn’t this going to increase the deficit? How’s he going to pay for it?
No Increase In The Deficit
He’s going to pay for it and decrease the deficit by making the richest among us pay their fair share. Here’s how:
- A minimum tax on billionaires.
- A big increase in the tax for stock buybacks.
- A repeal of Donald Trump’s 2017 tax cuts. Which increased our debt by about $2 trillion.
- An increase in the tax on capital gains.
All while nobody making less than $400,000 a year will pay one penny more in taxes.
Now, what’s in the republican budget? They haven’t proposed one yet. But we know they will not raise taxes on rich people one penny.
Also, not only do they refuse to roll back Trump’s tax cuts, republicans want to extend them so they have to make cuts.
Republicans are also looking at:
Cutting all the discretionary spending republicans can, negatively impacting lower and working-class folks.
A budget is a moral document, and I’ll choose President Biden’s morals any time.