Biden's 2025 budget proposal includes tax hikes on billionaires, corporations, and other proposals from his 2024 budget, which is still being negotiated. Biden will seek a minimum 25% tax on billionaire incomes and corporate tax reforms to reduce deficits by $3 trillion over 10 years. The budget represents key pillars of Biden's reelection campaign as economic concerns have weighed on his approval ratings. Republicans passed their own 2025 budget aiming to cut the deficit by $14 trillion by repealing Biden's Inflation Reduction Act.