Biden Unveils 2024 Budget Proposal
President Biden yesterday unveiled his 2024 budget, which seeks to extend the life of the Medicare health benefit program by raising taxes on Americans earning more than $400,000 per year. The $6.8 trillion budget contains roughly $5 trillion in tax increases on high-income earners and corporations over the next decade and seeks to reduce the federal deficit by about $3 trillion over the same period.
The budget has virtually no chance of being passed in the Republican-controlled House.
In a New York Times op-ed, Biden said: “My budget proposes to increase the Medicare tax rate on earned and unearned income above $400,000 to 5% from 3.8%.”
Also, on the tax front, the Biden budget calls for a significant expansion of the Low-Income Housing Tax Credit, which NAHB supports. However, it also includes tax increases that directly target housing, such as eliminating Like Kind Exchanges, expanding and increasing the Net Investment Income Tax to include active investment income like rental income, eliminating carried interest, and increasing marginal tax rates and rates on capital gains.
Biden’s proposal would allocate $73.3 billion for the Department of Housing and Urban Development — a $1.1 billion increase, or a 1.6% jump, from the 2023 enacted level.
It’s important to note that no White House budget is ever approved “as is” by Congress. While the president’s budget recommends spending levels for the next fiscal year, it is not legally binding. Congressional appropriators will have the final say in program realignment, and tax and spending levels.
As House and Senate lawmakers unveil their respective budget plans in the coming weeks and months, NAHB will continue to monitor the appropriations process as funding decisions are made on key housing, labor, tax and environmental programs.
Latest from NAHBNow
Sep 12, 2025
Builders’ Guide to Keeping Job Sites and Communities PreparedSeptember is National Preparedness Month, an annual federal initiative to raise awareness and equip individuals, businesses and communities with the tools they need to prepare for disasters.
Sep 11, 2025
2026 Best of IBS Awards OpenThe NAHB International Builders’ Show® (IBS) recognizes the outstanding building products and services with the Best of IBS Awards. Apply by Nov. 21, 2025, to showcase your products.
Latest Economic News
Sep 12, 2025
Household Real Estate Asset Values Reach New HighThe market value of household real estate assets rose to $49.3 trillion in the second quarter of 2025, according to the most recent release of U.S. Federal Reserve Z.1 Financial Accounts. The value rose by 2.7% from the first quarter and is 1.1% higher than a year ago. This measure of market value estimates the value of all owner-occupied real estate nationwide.
Sep 11, 2025
Parking Trends in Newly Completed Single-Family Homes, 2024In 2024, 65% of newly completed single-family homes featured two-car garages, according to NAHB’s analysis of the Census’s Survey of Construction data. The share of new homes with three or more car garages stood at 15%, continuing a downward trend from its peak of 24% in 2015 and decreasing 2 percentage points from 2023.
Sep 10, 2025
Year-over-Year Building Material Price Growth AdvancesPrice growth for residential building materials rose for the fourth straight month in August, reaching its highest level since January 2023. Across domestic inputs goods and services into residential construction, service prices decreased in August while goods prices slightly advanced.