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Biden Proposes $7.3 Trillion Budget With Progressive Tax Hikes for Corporations, Billionaires

The president’s budget for fiscal year 2025 increases taxes on corporations and the rich to reduce the deficit by $3 trillion over 10 years.
Biden Proposes $7.3 Trillion Budget With Progressive Tax Hikes for Corporations, Billionaires
President Joe Biden delivers the State of the Union address in the House Chamber of the U.S. Capitol in Washington on March 7, 2024. Mandel Ngan/AFP/Getty Images
Emel Akan,Jackson Richman,Andrew Thornebrooke
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WASHINGTON—President Joe Biden on March 11 released his $7.3 trillion budget for fiscal year 2025 that calls for significant tax increases for the wealthy and corporations.

The request features cost-cutting measures for families, building affordable housing, and investing in American manufacturing in line with previous years. It also includes funding for the administration’s equity initiatives across the U.S. government.

Emel Akan is a senior White House correspondent for The Epoch Times, where she covers the policies of the Trump administration. Previously, she reported on the Biden administration and the first term of President Trump. Before her journalism career, she worked in investment banking at JPMorgan. She holds an MBA from Georgetown University.
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