BEYOND THE NUMBERS
In Case You Missed It . . .
This week at CBPP, we focused mostly on President Biden’s 2025 budget proposal.
We also focused on housing. Peggy Bailey testified before the Senate Banking, Housing, and Urban Affairs Committee on proposals to address housing affordability, availability, and other community needs.
On the President’s budget proposal, CBPP President Sharon Parrott issued a statement explaining how the proposal would build toward an economy where everyone can thrive. And we had many analyses of the budget spanning our issue areas:
- On the federal budget, David Reich highlighted that the President’s budget prioritizes key investments within the debt ceiling deal’s appropriations cap. Nick Gwyn noted it called for the reform of our unemployment insurance system. Kathleen Romig cited its proposal for a national paid leave program. Romig also drew attention to President Biden’s pledge to work with Congress to improve Supplemental Security Income (SSI), and pointed out that the budget strengthens Social Security and boosts funding for the Social Security Administration’s (SSA) customer service. Javier Balmaceda noted it calls for equity for the U.S. Territories. (Este contenido está disponible en español.)
- On federal tax, Kayla Williams highlighted that the budget would eliminate tax-free treatment for much of the wealthiest households’ annual income. Kiran Rachamallu emphasized that it expands the Earned Income Tax Credit for low-paid workers without children, and Stephanie Hingtgen noted that it expands the Child Tax Credit. Samantha Jacoby highlighted that the budget extends IRS mandatory funding and raises revenue from wealthy tax cheats. Jacoby also illustrated how it closes estate tax loopholes, and that its international tax proposals would limit profit shifting and raise revenue. Chuck Marr underscored that it proposes a partial reversal of an expensive and badly skewed cut to the corporate tax rate. And he noted more generally that Biden’s budget proposes a needed tax policy course correction.
- On housing, Sonya Acosta noted that the budget seeks modest increases for Housing Choice Vouchers, but more will likely be needed to keep up with rent increases and prevent cuts. She also attributed low funding levels for housing assistance to tough choices forced by the debt ceiling agreement’s spending caps. Acosta and Will Fischer pointed out that the budget’s mandatory housing proposals include important investments, but only a small share goes to those with the greatest need.
- On health, Jennifer Sullivan pointed out the budget’s permanent improvements to Affordable Care Act (ACA) marketplace tax credits that would sustain critical affordability protections. Paul Van de Water pointed out that the budget would protect Medicare and reduce drug costs. Allison Orris highlighted that a proposal to close the Medicaid coverage gap would create a pathway to affordable coverage for more than 1.6 million people. Orris also pointed out that the budget builds on coverage gains made since the ACA’s coverage expansions took effect ten years ago.
- On food assistance, Zoë Neuberger and Katie Bergh emphasized that under the budget’s proposed funding level, more eligible families could benefit from the Supplemental Nutrition Program for Women Infants and Children (WIC).
Chart of the Week – Extending the 2017 Tax Law Would Cost Substantial Revenue
A variety of news outlets featured CBPP’s work and experts this past week. Here are some of our highlights:
Eliminating Income Taxes Would Be an Expensive Giveaway
Governing
March 14, 2024
Mississippi Medicaid expansion is at a crossroads over work requirement
NBC News
March 13, 2024
Puerto Rico: LatinoJustice PRLDEF y CBPP favorecen llamado de Biden para paridad en Medicaid, SNAP y SSI
El Diario NY
March 13, 2024
Former President Trump’s History Of Proposing Cuts In Medicare Spending
Forbes
March 12, 2024
In Hospitals, Affordable Housing Gets the Long-Term Investor It Needs
New York Times
March 12, 2024
Schools stare down deadline as COVID-19 relief funds set to expire
The Hill
March 12, 2024
Biden calls for broad new social programs, higher taxes on corporations and the wealthy
Washington Post
March 11, 2024
Concerns increase around ESSER underspending, fiscal cliffs in last year of aid
K-12 Dive
March 11, 2024
California families could save thousands of dollars from proposed child tax break. Here’s why
Sacramento Bee
March 11, 2024
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