Biden Criticizes Trump's $2tn Tax Cuts, Reveals Budget Proposal

Revolutionizing healthcare, Biden unveils significant policy shifts.

by Nouman Rasool
Biden Criticizes Trump's $2tn Tax Cuts, Reveals Budget Proposal
© Sophie Park/Getty Images

President Joe Biden sharply criticized former President Donald Trump during the unveiling of his ambitious $7.3 trillion budget proposal for the 2025 fiscal year. This comprehensive financial blueprint, announced during an afternoon event in Goffstown, New Hampshire, aims to deliver substantial tax relief for American families, reduce healthcare expenses, cut the federal deficit, and impose higher taxes on wealthy individuals and corporations.

The president, referring to Trump as "my predecessor"—a term he has repeatedly used, especially in the wake of his fiery State of the Union address—blasted the former president for his administration's $2 trillion in tax cuts, which Biden asserts have only served to inflate the federal deficit.

"I’m not anti-corporation. I'm a capitalist man. Make all the money you want. Just begin to pay your fair share in taxes,” Biden emphasized, advocating for a more equitable tax system as the cornerstone for investing in the nation's prosperity.

While the budget's passage through both the House and Senate appears uncertain, it symbolizes Biden's vision for the nation's future, contingent upon a Democratic victory in the upcoming November elections. The proposal, which was teased during last week's State of the Union and detailed further on Monday, outlines a plan that could trim deficits by $3 trillion over ten years, increase the child tax credit, introduce a new tax credit for homebuyers, and raise corporate taxes along with implementing a minimum 25% tax for billionaires.

Biden's Healthcare Reforms

Additionally, Biden proposes empowering Medicare to negotiate prices for 500 prescription drugs, potentially saving $200 billion over a decade. He also advocates extending his proposed $2,000 cap on drug costs and a $35 insulin cap to all Americans, not just those on Medicare, and seeks to make certain Affordable Care Act protections permanent.

On the opposite political spectrum, Donald Trump, the likely Republican nominee, has outlined a starkly different economic strategy. Trump has expressed interest in increasing tariffs, advocating for a "second phase" of his tax cuts, and reducing government regulations, claiming these measures would enable the U.S.

to "do things that nobody thought was possible." His comments, following a series of primary victories dubbed "Super Tuesday," mark his first detailed economic discourse since becoming the presumed Republican frontrunner, setting the stage for a November face-off with Biden.

Trump's economic plans, particularly around tariffs, have sparked concerns about inflation and potential cost increases for American consumers. However, the former president remains steadfast in his belief in tariffs as a tool for protecting American industries and asserts they provide leverage in international negotiations.

This budget proposal and the ensuing political discourse underscore the stark contrasts between Biden and Trump's visions for America's future, each anchored in fundamentally different approaches to taxation, healthcare, and economic policy.

As Congress continues to navigate the complexities of the current fiscal year's budget, the nation watches closely, aware that the decisions made today will shape the America of tomorrow.