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 driving up rents."
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.
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.
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.
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.
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.
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.
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.
This funding’s aim is to help connect the estimated 8.5 million families and small businesses nationwide that still haven’t been able to access the full capabilities of modern technology.
