March 11, 2024

This morning, President Joe Biden transmitted a $7.3 trillion budget for fiscal year (FY) 2025. Of particular interest for SWACCA, the President’s Budget requests $13.9 billion for the Labor Department, a $318 million increase over FY2023 enacted levels. The request includes $335 million for registered apprenticeships (a $50 million increase over the FY2023 enacted levels) and supports expanding these programs in clean energy-related occupations. The budget also proposes an $8 billion mandatory Career Training Fund and a $50 million new Sectoral Employment through Career Training for Occupational Readiness program to “support the development and expansion of public-private partnerships among employers, education and training providers, and community-based groups to equitably deliver evidence-based, high-quality training, focused on creating pathways into good jobs in growing, in-demand industries.” Other provisions include: (1) $655 million for the Occupational Safety and Health Administration, a $3 million increase over FY 2023; (2) $298 million for the Wage and Hour Division, a $28 million increase over FY 2023; and (3) $206 million for the Employee Benefits Security Administration, a $15 million increase over FY 2023.

The President’s budget also proposes to reduce the federal budget deficit by $3.2 trillion over 10 years by increasing taxes on corporations and wealthy households. Specifically, among other priorities, the President’s budget calls for a corporate tax rate of 28% and calls on Congress to reduce the incentives to send profits to low-tax jurisdictions, stop corporate inversions to tax havens, and raise the tax rate on U.S. multinationals’ foreign earnings from 10.5 percent to 21 percent.

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