The Biden White House has said it wants to keep Trump tax cuts for the middle class after they expire, but the latest budget doesn’t offer a plan on what specific tax hikes will be pursued to pay for that massive cost to the Treasury.
And the amount needed to offset the tax cuts is huge, in the trillions of dollars.
The Biden budget, revealed on Monday, features $7.3 trillion in spending and $5.5 trillion in tax revenue for fiscal 2025, bringing the deficit for the year to nearly $1.8 trillion. It also includes plans for new spending programs and new taxes on corporations and wealthy individuals over the next decade.
But it is also notable for what it leaves out. Namely, it is missing budget projections showing how the administration’s plan to renew a
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