Biden’s Budget Includes Several New Housing Proposals
President Biden proposed a $7.3 trillion budget for fiscal year 2025, running from Oct. 1, 2024 to Spet. 30, 2025. This proposal includes several tax hikes alongside many housing provisions designed to increase housing supply and reduce housing costs. The budget would raise taxes for billion-dollar companies from 15% to 21% and hike the broader corporate tax rate to 28%.
According to the National Association of Home Builder (NAHB), It is important to note that no White House budget is ever approved “as is” by Congress. The annual appropriations process determines the levels of federal spending for each of the federal departments and agencies, and all programs within their respective jurisdictions.
Although the president’s budget recommends spending levels for the next fiscal year, it is not legally binding. Congressional appropriators have the final say in program realignment and spending levels.
Meanwhile, six months into the fiscal 2024 budget year, Congress must still complete work on funding half of the government agencies before March 22 or the government will go into a partial shutdown.
On the housing front, Biden is seeking an investment of more than $258 billion to build or preserve more than 2 million housing units.
