![]() Increase Internal Revenue Service funding for tax enforcement^ Rationalize Net Investment Income and self-employment taxesĬlose the Tax Gap (American Families Plan) Tax capital gains and dividends as ordinary income and at death for those with income over $1 million Raise top individual income tax rate to from 37 percent to 39.6 percent Increase Taxes on High-Income Households (American Families Plan) Replace base erosion tax with restrictions on deductions for low-tax affiliates and corporate inversionsĮnact 15 percent minimum tax on corporate book income Increase global minimum tax rate and disallow exemption for normal returns of investment Increase the corporate income tax rate from 21 percent to 28 percent Raise Corporate Taxes (American Jobs Plan) Increase Nondefense Discretionary Spending* Make American Rescue Plan Earned Income Tax Credit and child care credit expansions permanent Increase Pell Grants and other higher education spendingĬreate a national paid family and medical leave program ![]() ![]() Offer tuition-free two-year community college Offer free universal pre-K for all three- and four-year-olds Increase research and development spendingĮxpand tax breaks for clean energy, housing, and infrastructureĮnact American Families Plan Spending and Tax BreaksĮxtend American Rescue Plan Child Tax Credit (CTC) expansions and make CTC fully refundableĮxtend American Rescue Plan Affordable Care Act premium tax credit expansions Invest in domestic manufacturing and workforce development Invest in housing, schools, child care facilities, VA hospitals, and federal buildings Invest in broadband, electrical grid, and clean drinking water Policies in the President's FY 2022 Budget Proposal PolicyĮnact American Jobs Plan Spending and Tax Breaks The resulting net deficit increase would also cause interest costs to rise by $163 billion.īelow, we break down the major proposals in the President’s budget. These provisions would be partially offset with nearly $3.6 trillion in new revenue and over $200 billion in budget cuts and savings. ![]() The President’s budget proposes about $5 trillion in new spending and tax breaks, reflecting the previously proposed American Jobs Plan, American Families Plan, and nondefense discretionary spending increases. Last week, the Biden Administration released its first full budget, laying out its proposals for Fiscal Year (FY) 2022 and the subsequent decade. ![]()
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