The White House released on Monday a budget proposal for fiscal 2025, which contains a list of tax hikes and spending proposals that Democrats favor.

Budget includes $7.3 trillion of spending and $5.5 trillion tax revenue. This brings the deficit in 2025 down to $1.8 trillion.

Due to the Republican control of Congress, it is unlikely that any of these proposals will become law in 2018. They do, however, give a good idea of the initiatives that President Joe Biden might pursue if he were to win a second term.

Shalanda young, director of the Office of Management and Budget (OMB), spoke with reporters and highlighted the progress made by the economy in reducing inflation and the positive aspects of Biden’s economy during his three-year tenure.

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She told reporters that “this year’s budget is presented at a moment when it is clear that President Obama’s economic plan of building up the economy from bottom to middle has worked.” “The economy added 15 million new jobs.” “The unemployment rate has been below 4% for more than two years, that is a record. Meanwhile, inflation has dropped by two thirds.”

The budget would raise taxes from 18% to 20% of GDP. The budget would not be able to close the deficit within the 10-year window, and the public debt would rise up to 106% of GDP.

Biden’s proposed budget raises the headline corporate rate from 21% up to 28%. This is a move he tried unsuccessfully in the past. In 2017, Donald Trump’s tax cuts lowered the rate for corporations from 35%.

According to the White House, Biden wants to increase the corporate minimum tax rate from 15% to 21%. He also wants to introduce stricter limits on the ability of corporations to deduct the wages of highly-paid employees.

Biden’s goal is to raise taxes on both corporations and the richest. The president has pledged not to increase taxes on those earning less than $400 per year. However, he has been outspoken in his support of taxing the wealthy.

The White House has also requested a minimum tax of 25% on billionaires in its latest budget request. According to the White House, this provision would only impact the richest 0.01% taxpayers.

The latest budget projections released by the administration on Monday show that raising the corporate tax rate from 28% to 28% will raise about $1.35 trillion in the next decade. Meanwhile, the billionaire minimum income tax plan is expected to bring in around $500 billion during the same time period.

Housing provisions are also included in the budget proposal. The affordability of housing is at a record low as mortgage rates are prohibitive and the housing supply stagnates. The administration has made a few proposals to address the problem, but critics claim that they would not help the housing supply, and could paradoxically worsen the situation by increasing demand.

One of the proposals includes a $5,000 tax-credit for first-time middle-class homebuyers over a two-year period. This is described as a mortgage relief.

The President is also asking Congress for a credit of $10,000 to those who sell starter homes. The credit was described by the administration as a way to counteract the decline in supply caused by homebuyers who haven’t put their homes up for sale because of higher mortgage rates. These proposals would cost approximately $183 billion between 2034 and 2034.

Biden’s Budget also calls for an extensive national paid family and medical leaves program that provides up to 12 week of leave for workers who are eligible. This would cost about $325 billion in the next decade.

The proposal includes expanding the child-tax credit to the temporary supercharged levels it was at temporarily as part of American Rescue Plan Act which passed during the pandemic era, with no Republican backing.

The current tax credit for children is $2,000 per child. The Democratic legislation of 2021 increased it to $3.600 for children younger than 6 years old and $3,000 older children. Perhaps the biggest change is the removal from the income threshold those who are eligible for the funds. So, a family without income or whose head of household is employed would receive the full amount, either $3,600, or $3,000, as well. The tax credit will expire at the end 2021.

Costs to reinstate the expanded child tax credit are estimated at $310 billion by 2034.

Budget also includes funding for the hiring of 1,300 Border Patrol agents, 1,600 Asylum Officers and Support Staff, and 1,000 additional Customs and Border Protection Officers. Nearly $850 million is allocated “for cutting edge detection technology at port of entry”.

In a press release issued on Monday, the White House stated that “in October 2023 the administration sent an emergency supplemental request totaling $13.6 Billion for managing southwest border and migration.” The budget contains, and reiterates, the unmet need from the October supplemental requests.

The new budget proposal, taken together, is a wish-list for Democrats going into the elections. However, several of the suggestions are aspirational, as even some Democrats such as Senators. Joe Manchin (D-WV), and Kyrsten Sienema (I-AZ) have both opposed them before.

The budget is largely a message plan for November. This month, we can expect to see a battle between Biden, and Trump. Both candidates are expected to be nominated later in the year.