Economy
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Biden’s 2025 budget prioritizes lowering costs for families, taxing the rich
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.
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Biden takes aim at high costs during State of the Union speech
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…
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Biden proposes new actions to address housing shortages and high costs
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.
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Biden caps credit card late fees at $8
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.
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Biden demands grocery stores and food brands end ‘price gouging’ and ‘shrinkflation’
Grocery prices have risen by more than 20% since the beginning of the pandemic and in Nevada, grocery prices rose 4.2% 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.
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Biden policy to help IRS collect up to $851 billion in back taxes from ultra-wealthy
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.
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Trump wants to cut corporate taxes again
Sixty-five percent of Americans believe corporate taxes should be raised and roughly six in 10 Americans said it bothered them a lot that corporations and some wealthy people “don’t pay their fair share,” according to a Pew survey. Donald Trump has other ideas.
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Nearly 7,000 Nevadans to get student debt canceled, Biden administration announces
The plan will erase debt for borrowers who have been paying down their debt for at least 20 years. For many borrowers, qualifying monthly payments that should have moved them closer to forgiveness were not accounted for, effectively forcing them to make extra payments under their IDR plans.
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White House announces new plan to lower child care costs, more
The Biden administration’s newly proposed actions, which would likely take effect in 2024, would lower child care costs for 80,000 American families by capping their child care copayments at 7% of the family income.
