Groundwork’s Lindsay Owens Reacts to Biden’s 2025 Budget

Groundwork’s Lindsay Owens Reacts to Biden’s 2025 Budget

Today, President Biden released his FY2025 budget request. With many provisions of Trump’s 2017 tax legislation expiring in 2025, the budget includes major changes to the tax code designed to reverse 40 years of trickle-down economics, make the wealthy pay their fair share, and boost investment in workers and families. Groundwork’s Executive Director Lindsay Owens reacted with the following statement:

“The tax reforms in President Biden’s 2025 budget are the critical unfinished business of Bidenomics. Enacting the reforms in his budget will begin to reverse the 40-year one-way ratchet of falling taxes for the wealthy and corporations and instead invest in workers and families.”

Email press@groundworkcollaborative.org to speak with one of Groundwork’s experts about the president’s FY2025 budget.

BACKGROUND

• President Biden announced a bold new tax agenda ahead of the expiring Trump Tax Scam. The president’s proposal includes raising the corporate tax rate, quadrupling the tax on stock buybacks, eliminating tax breaks for rich CEOs, and a new 25% minimum tax on billionaires.
• The president’s plan would also expand the Child Tax Credit, make lower health insurance premiums permanent, and cut taxes for 19 million working-class Americans. A fair tax code is needed to fully realize the Administration’s commitment to strong public investment.
• Tax cuts for the rich, like those in the Trump Tax Scam, drain trillions of dollars in revenue that could support vital investments in education, highways, jobs, health care, and more. It’s clear that public investment grows our economy – not tax giveaways to the rich and powerful. These proposals would reverse 40 years of trickle-down economics that has hollowed out the middle class and worsened income and wealth inequality for many.