The president's budget includes proposals to lower childcare costs, create a paid family leave program, lower drug costs, and strengthen Social Security and Medicare—all by raising taxes on the wealthy and corporations.
Biden called on Congress to pass a mortgage relief credit that would give first-time homebuyers an annual tax credit of up to $5,000 a year for two years. He also endorsed legislation to build and renovate roughly 2 million homes and vowed to crack down on "big landlords who break antitrust laws by price-fixing and driving up rents."
The actions announced last week will promote fairer rental markets, boost the supply of affordable housing and manufactured homes, and help families who are struggling to make ends meet.
More than 45 million Americans who are charged late fees on credit cards each year will save an average of $220 annually under the new rule.
Grocery prices have risen by more than 20% since the beginning of the pandemic and in Arizona, grocery prices rose 3.3% from Nov. 2022 to Nov. 2023. In response, President Biden is demanding grocery chains and food brands lower their prices and stop ripping families off.
Using funds provided by the Inflation Reduction Act, the IRS has already collected more than $520 million from 1,600 millionaires who had unpaid tax bills of more than $250,000. The IRS could collect as much as $851 billion in additional tax revenue over the next decade.
