FISCAL BLOG

A key provision of the ARP advances half of the expected credit for 2021 in periodic payments, which have now begun.

Adjustments to the U.S. corporate income tax system could influence the level of domestic investment, economic growth, and hiring; such adjustments would also alter the amount of revenues collected by the federal government, which would have an effect on the nation’s fiscal outlook.

While the United States does not currently have a nationwide free college program, a number of such initiatives have been proposed in the past few years.

President Biden’s budget for fiscal year 2022 outlines new details of the American Families Plan (AFP), a $1.7 trillion package including major new investments in education, childcare, healthcare, and family leave.

The coronavirus (COVID-19) pandemic has caused federal spending on Medicaid to rise sharply as millions of Americans seek benefits under the program.

While deficits will decline over the next few years as the pandemic wanes and the economy recovers, the nation will remain on an unsustainable fiscal trajectory due to a structural mismatch between spending and revenues.

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.