FISCAL BLOG

President Biden’s recently released budget for fiscal year 2022 shows new details for his proposed American Jobs Plan — a nearly $2.6 trillion package aimed at addressing a range of issues, including transportation and other infrastructure, climate change, caregiving, and housing.

As the Biden administration and a bipartisan group lawmakers discuss a range of infrastructure investments, vast majorities of voters — including Democrats and Republicans — are calling on leaders to pay for their priorities.

The step-up in basis is a provision in tax law that relates to how assets — such as stocks, bonds, or real estate — are valued and taxed after their owner passes away.

President Biden’s request for discretionary funding for next year (fiscal year 2022) would substantially increase funding for nondefense programs, particularly in the Departments of Education, Health and Human Services, Housing and Urban Development, and Veterans Affairs.

The US currently faces a range of complex challenges including deteriorating infrastructure, a changing climate, and an inadequate system of education.

When most Americans think about businesses in this country, the word “corporation” may come to mind — but the truth is that the vast majority of businesses in the United States are not structured as traditional corporations, but as pass-through entities.

The COVID-19 pandemic has led to a considerable increase in spending — but our long-term debt was already on an unsustainable path.

The President’s budget for fiscal year 2022 calls for a large increase in nondefense discretionary spending next year as well as substantial spending for infrastructure and social programs over the upcoming decade.

The unprecedented size of the economic disruption, however, put the safety net to the test, revealing weaknesses that often prevented support from reaching some of the neediest families in a timely manner.

Climate change and its effects already impose a cost on the American economy and the federal budget — and looking ahead, the impact could be even more significant.