Uncategorized
President Biden to release budget proposal with tax and spending policies
The Bahnsen Group managing director David Bahnsen analyzes Bidens contradictory State of the Union speech on Making Money.
President Joe Biden is expected to release his proposed budget to Congress on Monday as he outlines his preferred policies and ramps up his re-election campaign.
Biden’s budget proposal will serve as a key plank of his campaign platform as he seeks a second term in November’s election. Presidential budget proposals tend to serve primarily as a blueprint for preferred policies and a messaging tool, and Congress typically declines to enact them wholesale.
The budget release also comes days after Biden delivered his State of the Union address, which previewed a number of provisions that will likely be included, and six weeks after it was due to be submitted under the Congressional Budget Act.
In his address, Biden called for tax credits to help certain homebuyers and sellers in an effort to address housing affordability. The proposed credit would provide middle-class, first-time homebuyers with an annual tax credit of $5,000 a year for two years, which the White House said was the equivalent of cutting interest rates by more than 1.5 percentage points on the median-priced home.
SOARING DEFICITS TO PUSH PUBLICLY HELD DEBT TO RECORD LEVEL IN 4 YEARS
President Biden’s budget proposal will include new tax incentives for first-time homebuyers and would-be sellers. (Photographer: Shawn Thew/EPA/Bloomberg via Getty Images / Getty Images)
Biden is also looking to encourage homeowners to sell “starter homes” to first-time homebuyers by proposing a one-year, $10,000 tax credit that would apply to homes below the median home price in a given area. The credit is intended to serve as an incentive for homeowners who are locked into low mortgage rates by helping to offset higher mortgage costs that await with a new home purchase.
The administration said in a fact sheet the credits would aid 3.5 million first-time homebuyers and 3 million sellers, which would cost about $65 billion over two years. Biden is also expected to call for the expansion of the low income housing tax credit and a $20 billion grant fund for the development of affordable multifamily rental units, the White House said.
BIDEN, IN STATE OF THE UNION, TO CALL FOR WEALTH TAX AND HIGHER TAXES ON BUSINESSES
President Joe Biden’s budget is expected to include higher taxes on corporations along with extensions of tax cuts for those making under $400,000. (Photographer: Shawn Thew/EPA/Bloomberg via Getty Images / Getty Images)
During the State of the Union address, Biden called for the reinstatement of the expanded child tax credit that was temporarily broadened during the COVID-19 pandemic to pay eligible families up to $3,600 a year per child. He also called for the expansion of the earned income tax credit for low-wage workers.
Another item that’s expected to be included in the president’s budget is the “billionaire tax” proposal the president has advanced previously. The proposal would impact many millionaires below that threshold by imposing a 25% minimum tax for Americans with wealth of more than $100 million.
BIDEN PLANNING TO TOUT ECONOMIC AGENDA IN STATE OF THE UNION
President Joe Biden and Republican House Speaker Mike Johnson, R-La., shake hands as Vice President Kamala Harris applauds. The House GOP is unlikely to consider or advance Biden’s budget proposal. (Photographer: Shawn Thew/EPA/Bloomberg via Getty Images / Getty Images)
He also pledged during the State of the Union to extend Trump-era tax cuts for those earning $400,000 a year. The president also called for higher taxes on corporations, including an increase in the corporate minimum tax rate on companies reporting over $1 billion in profit from 15% to 21%.
The White House has also signaled that Biden plans to allow Medicare to negotiate prices for at least 50 prescription drugs instead of 20.
Biden’s budget is expected to include a 1% increase in defense spending to $849.8 billion for fiscal year 2025, according to a report by Bloomberg News. The move comes in response to budget caps enacted a year ago under the Fiscal Responsibility Act.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
The smaller than anticipated spending boost is about $10 billion less than the administration had forecast it would seek for FY2025 and would reduce orders for F-35 fighters and Virginia-class submarines, according to the report.
Reuters contributed to this report.
Product Name: Urgent Money Miracle – $2+ EPC! Get Instant 90% Commission Bump
All orders are protected by SSL encryption – the highest industry standard for online security from trusted vendors.
Urgent Money Miracle – $2+ EPC! Get Instant 90% Commission Bump is backed with a 60 Day No Questions Asked Money Back Guarantee. If within the first 60 days of receipt you are not satisfied with Wake Up Lean™, you can request a refund by sending an email to the address given inside the product and we will immediately refund your entire purchase price, with no questions asked.
Product Name: NEW! Christian Wealth Manifestation – Highly Targeted For Christians!
All orders are protected by SSL encryption – the highest industry standard for online security from trusted vendors.
NEW! Christian Wealth Manifestation – Highly Targeted For Christians! is backed with a 60 Day No Questions Asked Money Back Guarantee. If within the first 60 days of receipt you are not satisfied with Wake Up Lean™, you can request a refund by sending an email to the address given inside the product and we will immediately refund your entire purchase price, with no questions asked.
As we look ahead to 2024, many homeowners and prospective buyers are wondering what to expect when it comes to mortgage rates. The landscape of the housing market is constantly changing, so it’s important to stay informed about trends and predictions. In this blog post, we will discuss some factors that could impact mortgage rates in 2024 and what homeowners and buyers can expect.
One factor that could impact mortgage rates in 2024 is the overall state of the economy. If the economy is strong and growing, we may see higher mortgage rates as the Federal Reserve looks to combat inflation. On the other hand, if the economy is stagnant or in a recession, we may see lower mortgage rates as the Fed looks to stimulate growth. It’s important to keep an eye on economic indicators such as GDP growth, unemployment rates, and inflation to get a sense of where mortgage rates may be heading.
Another factor that could impact mortgage rates in 2024 is Federal Reserve policy. The Fed plays a key role in setting interest rates, and their decisions can have a ripple effect on mortgage rates. If the Fed decides to raise interest rates in response to inflation, we may see an increase in mortgage rates. Conversely, if the Fed decides to lower interest rates to stimulate growth, we may see a decrease in mortgage rates. Keeping up with the latest news and announcements from the Fed can give homeowners and buyers a sense of where mortgage rates may be heading.
In terms of specific cities and local mortgage companies, it’s important to note that mortgage rates can vary depending on location and lender. For example, in a city like New York City, where real estate prices are high, mortgage rates may be higher compared to a city like Indianapolis, where real estate prices are lower. Additionally, local mortgage companies may offer competitive rates and terms compared to national lenders. For example, in New York City, local lenders like Quontic Bank and CrossCountry Mortgage may offer specialized products and services tailored to the needs of local buyers.
It’s important for homeowners and buyers to shop around and compare rates from multiple lenders to ensure they are getting the best deal. Websites like Bankrate and LendingTree can be helpful resources for comparing rates and terms from multiple lenders. Homeowners and buyers should also consider working with a mortgage broker who can help them navigate the lending process and find the best mortgage product for their needs.
In conclusion, predicting mortgage rates in 2024 is not an exact science, but there are several factors that could impact rates. By staying informed about economic indicators, Federal Reserve policy, and local market trends, homeowners and buyers can make informed decisions about their mortgage. Shopping around and comparing rates from multiple lenders is key to ensuring you are getting the best deal on your mortgage. Whether you’re looking to refinance your existing mortgage or buy a new home, it’s important to stay informed and be proactive in managing your mortgage.
-
Reverse Mortgage8 months agoHow Reverse Loans Can Provide Financial Relief in Retirement
-
Mortgage Rates8 months agoComo puedo comprar una casa a crédito si no se nada?
-
Reverse Mortgage8 months agoThe Pros and Cons of Using a Reverse Mortgage for Retirement Planning
-
Mortgage Rates8 months agoNiro Loan App 2024 || Niro App Se Loan Kaise Le || New Loan App Best Instant Loan App Without Cibi
-
Reverse Mortgage8 months agoExploring the Myths and Realities of Reverse Mortgages for Seniors in 2024
-
Reverse Mortgage8 months agoUnlocking Your Home’s Value: Everything You Need to Know About HECM Loans
-
USDA Mortgage6 months agoMaking Your Dream of Country Living a Reality: FMHA Rural Home Loans in Focus
-
Reverse Mortgage8 months agoIs a HECM the Right Choice for You? Exploring the Pros and Cons