President Joe Biden released a budget blueprint Monday that calls for higher taxes on the wealthy, lower federal deficits, more money for police and greater funding for education, public health and housing.
More money would go to support law enforcement, yet bipartisan efforts at police reform have failed. The budget assumes — with a high degree of uncertainty based on forecasts made last November — that inflation at a 40-year peak gets back to normal next year.
It’s a midterm elections pitch to a nation still off balance from a chaotic few years caused by the pandemic, an economic recession, a recovery, challenges to U.S. democracy, and war in Ukraine. The Biden budget foresees cutting annual deficits by more than $1 trillion over the next decade. Those reductions would occur in large part through higher taxes and the expiration of relief spending tied to the coronavirus outbreak that began in 2020.
White House Budget Director Shalanda Young told reporters the blueprint does not include line items tied to that possible bill because “discussions with Congress are ongoing.” But the budget plan includes a “ deficit neutral reserve fund” to account for a possible agreement being reached.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Biden to Propose 20% Minimum Tax on Billionaires in Budget PlanPresident Joe Biden intends to propose a minimum tax of 20% on households worth more than $100 million and cut projected budget deficits by more than $1 trillion over the next decade.
Read more »
Biden's budget plan: Higher taxes on rich, lower deficitsWASHINGTON (AP) — President Joe Biden released a budget blueprint Monday that calls for higher taxes on the wealthy, lower federal deficits, more money for police and greater funding for education, public health and housing.
Read more »
FNC's Watters: Hearing Hunter Biden 'Will Be Indicted'; Predicts Presidential Pardon, No Biden 2024 BidFriday, FNC host Jesse Watters told his viewers he heard Hunter Biden, son of President Joe Biden, would be indicted. | Clips
Read more »
President Biden to unveil new minimum tax on billionaires in budgetThe White House will unveil a new minimum tax targeting billionaires as part of its 2023 budget Monday, proposing a direct tax on the richest 700 Americans for the first time.
Read more »
Biden budget to trim $1T from deficits over next decadePresident Joe Biden intends to propose a spending plan for the 2023 budget year that would cut projected deficits by more than $1 trillion over the next decade.
Read more »
Biden budget to trim $1T from deficits over next decadePresident Joe Biden plans to propose a fiscal 2023 budget Monday that would cut projected deficits by more than $1 trillion over the next decade, according to documents obtained by The Associated Press.
Read more »