Biden budget would cut taxes for millions and restore breaks for families. Here's what to know.

President Joe Biden's proposed 2025 budget includes some perks for millions of families and low-income workers as well as senior citizens, including reviving a program that lifted millions of children out of poverty during the pandemic.

The budget, released Tuesday, aims to pay for those tax breaks by raising taxes on corporations and the rich. One proposal, for instance, would completely reverse one of the cuts implemented by former President Donald Trump, whose 2017 Tax Cuts and Jobs Act mostly eased the tax burdens on businesses and the nation's highest earners.

The proposals to provide new tax breaks for low- and middle-income Americans come as many people continue to struggle with the higher cost of living. About 1 in 3 households say they don't feel financially secure, according to a new study from Northwestern Mutual, which said that represents the highest share since it began its annual study in 2009.