President Biden on Thursday proposed a record-shattering $6.8 trillion budget that envisions a significant surge in social program spending and roughly $5.5 trillion in new taxes.
on Thursday proposed a record-shattering $6.8 trillion budget that envisions a significant surge in social program spending and roughly $5.5 trillion in new taxes.
Thursday’s release is a budget outline for fiscal 2024 revealing all the details of his priorities that will be sent to Congress next week.‘s budget is an aspirational document that isn’t expected to go anywhere with a Republican-controlled House and narrowly-divided Senate. But it serves as a loud campaign message for a president seeking reelection.
The budget request proposes a 25% minimum tax on individuals whose wealth exceeds $100 million, and nearly doubles the capital gains tax rate for investments to 39.6% from its current level of 20%.is also urging Congress to raise taxes on corporations and wealthy Americans. He called for the corporate tax rate to be raised to 28% and for increasing taxes on corporations’ foreign earnings to 21%, from the current 10.5%.
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