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
Oct 03, 2025
NAHB Awards Deadline Extended to Oct. 20Interested applicants for NAHB’s prestigious award programs now have additional time to submit top projects and individuals for consideration. Don't miss your chance - apply by Monday, Oct. 20.
Oct 03, 2025
Fast Money, Fewer HeadachesEvery week lost to underwriting is a week you’re not building, selling, or scaling. Delays push projects out of prime seasons, tighten cash flow, and leave crews idle. And when banks already move at their own pace, builders who aren’t prepared can get stuck at the back of the line.
Latest Economic News
Oct 03, 2025
Supply-Side Cost Pressures Drove Housing as Inflation Leader in 2024Though the rate of inflation peaked in June 2022, consumer prices continued to increase throughout 2023 and 2024 as inflation drove further price growth, according to 2024 CPI review from the Bureau of Labor Statistics.
Oct 02, 2025
Square Foot Prices Moderate in 2024Median square foot prices for new single-family detached (SFD) homes started in 2024 grew modestly, according to NAHB’s analysis of the latest Survey of Construction (SOC) data. For custom, or contractor-built, homes, the median price was $166 per square foot of floor space, up slightly from $162 in 2023.
Oct 02, 2025
17% of NAHB Builders Built Age-Restricted Housing in 2024Only 17% of NAHB builder members build age-restricted housing for people age 55 or older, according to 2024 Member Census. This is up two percentage points from the previous year. However, this share has remained within a narrow band (15%-17%) since the question was added to the member census in 2009.