Over time, the President's budget would increase funding for the Indian Health Service (IHS) and shift its funding steam from discretionary spending to mandatory spending. Increase Public Health and Health Care Funding ($375 billion). The budget also proposes to increase the Pell Grant for higher education aid until it doubles its current value by 2029 at a cost of $230 billion. Included in this amount is an increase of $16 billion in mandatory budget authority for Title I, which would grow through the decade for a total increase in outlays of $155 billion. Increase Education Funding ($385 billion). The President's budget would increase K-12 Title I education funding through both mandatory and discretionary spending increases. Under the budget, Veterans Affairs medical funding would be given its own discrete stream of funding ($119 billion in FY 2023). After accounting for reclassifications of nondefense spending to mandatory spending and increased funding for program integrity, the President's budget would increase overall veterans and nondefense discretionary spending by $635 billion and would increase overall defense spending by $115 billion over ten years. Veterans and nondefense spending increases include large boosts in funding for the Departments of Commerce, Health and Human Services, and Veterans Affairs as well as the Environmental Protection Agency and the National Science Foundation. Increase Discretionary Spending ($750 billion). Under the President's budget, defense discretionary spending would increase by 4 percent ($31 billion) between FY 20, and veterans and nondefense discretionary spending would increase by over 11 percent ($78 billion). Negotiations over the Build Back Better agenda in legislative form are still ongoing in Congress. The President's budget relies on an unspecified deficit-neutral placeholder reflecting the President's "Build Back Better" agenda to spend on climate and social programs while lowering prescription drug costs and raising revenue. Placeholder for Deficit-Neutral Build Back Better Legislation ($0). Sources: Office of Management and Budget and Committee for a Responsible Federal Budget. Total, Policy Changes in the FY 2023 Budget Tax capital gains as ordinary income for high-income households and tax gains at death Increase top income tax rate from 37 percent to 39.6 percent Reform taxation of foreign business incomeĮstablish a 20 percent minimum accrual tax for high-wealth households Increase corporate tax rate from 21 percent to 28 percent (with 20 percent global minimum tax) Increase Taxes on High Earners and Corporations Reduce health care spending, including by extending the Medicare sequester Increase program integrity funding to reduce Social Security and unemployment improper payments Invest in public health capacity and medical countermeasuresĮxpand Medicaid vaccine coverage for adults Increase mental health funding and access Increase Public Health and Health Care Funding Increase veterans and nondefense discretionary spending Placeholder for Deficit-Neutral Build Back Better Legislation Policies in the President's FY 2023 Budget Proposal Policy The President's budget proposes $1.66 trillion of new spending and tax breaks offset by $2.61 trillion of tax increases and spending reductions and $95 billion of net interest savings. Overall, these policies would reduce deficits by $1.05 trillion over ten years.īelow, we break down and describe the major proposals in the President's budget. Last week, the Biden Administration released its Fiscal Year (FY) 2023 budget proposal, outlining some of President Biden's tax and spending priorities over the next decade.
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