President Biden’s Budget Includes Helpful Investments, Reasons for Concern

The White House recently unveiled President Joe Biden’s budget for fiscal year 2024 and it includes several proposals aimed at investing in infrastructure, economic development, workforce needs and education, as well as lowering health care costs. The budget plan also includes proposals for tax increases on businesses and individuals, which are particularly concerning to the Indiana Chamber.

The budget proposes a $1.5 trillion investment in infrastructure over the next decade, including funds for repairing and modernizing roads, bridges and public transit, as well as investments in clean energy and broadband internet access. This investment is aimed at creating jobs and stimulating economic growth.

The budget also includes investments in workforce development and education, including funds for job training programs and expanding access to early childhood education. These investments are aimed at ensuring that workers have the skills they need to succeed in the modern economy.

To lower health care costs, the budget proposes reforms to the health care system, including measures to reduce the cost of prescription drugs and increase access to affordable health care for all Americans.

However, the budget also proposes tax increases on businesses and individuals. These include raising the corporate tax rate from 21% to 28%, increasing the top marginal income tax rate, and imposing a tax on financial transactions.

Overall, the budget proposes a mix of investments in areas that are likely to be of interest to the Chamber, such as infrastructure and workforce development, as well as proposals for tax increases that are less popular. The White House has argued that these investments are necessary to ensure long-term economic growth and competitiveness, but the impact of the proposed tax increases on businesses and individuals remains a topic of debate.

View the White House fact sheet on the proposed FY 2024 budget.

David Ober is the Indiana Chamber’s vice president of taxation and public finance. Ober, a native of Noble County, started with the Chamber in June 2022 and is a former state legislator and commissioner for the Indiana Utility Regulatory Commission.