Biden Set to Unveil His 2025 Budget. Here’s What to Expect

The president is proposing to raise the corporate income tax rate to 28 percent from 21 percent.

President Joe Biden delivers the State of the Union address in the House Chamber of the U.S. Capitol in Washington, D.C., on March 7, 2024. Mandel Ngan/AFP/Getty Images

President Joe Biden on March 11 will release his fiscal year 2025 budget, which is expected to feature major tax increases for the wealthy and businesses, reductions in defense expenditures, and initiatives to make housing more affordable.

The president’s budget plan, which outlines his financial priorities, will hold special symbolic significance this year as he seeks re-election.