Joe Biden on Thursday unveiled his budget, a sprawling plan that the White House says reflects the president’s commitment to creating a fairer economy while challenging Republicans who are demanding steep cuts to federal spending programs.
The $6.8tn budget request, the third such request of Biden’s presidency and the first to a divided Congress, is effectively dead on arrival with Republicans in control of the House, and sets the stage for a high-stakes showdown over the nation’s finances. Even so, it frames the president’s policy aspirations ahead of his expected campaign for re-election in 2024.
Biden’s budget blueprint would cut deficits by nearly $3tn over the next decade, largely by raising taxes on corporations and high earners. It also includes proposals aimed at lowering the cost of healthcare, prescription drugs, childcare, housing and education while making new investments in domestic manufacturing, cancer research and a paid family leave program.
It calls for…
2023-03-09 12:47:17
Article from www.theguardian.com
On May 28th, 2021, President Joe Biden introduced a budget proposal that aims to focus on working-class Americans. This proposal includes tax increases for the wealthiest people in the country. The move is part of the Biden administration’s efforts to create a fairer economy and help support those who have been most affected by the COVID-19 pandemic.
The proposal, which is called the American Jobs Plan, is worth $6 trillion for the next fiscal year, starting from October 2021. It includes investments in infrastructure, education, healthcare, and other areas aimed at helping America’s working-class families. At its core, it aims to provide economic support to promote post-pandemic growth and help Americans affected by the pandemic.
One of the most significant features of the proposal is tax increases for wealthy Americans. The move includes raising the top marginal tax rate for individuals earning more than $452,700 per year and increasing corporate taxes. The proposal will also provide funding to the Internal Revenue Service so that the agency can enforce tax laws more effectively.
The tax increases are aimed at raising revenue to support the American Jobs Plan, which includes investments in infrastructure, climate change, education and research, and social programs. The plan aims to create millions of jobs and improve the country’s infrastructure, including transportation, water systems, and broadband access.
The budget proposal also includes other measures to support working-class Americans. President Biden has proposed increasing funding for child care, education, and affordable housing. The budget also includes funding to support Medicaid expansion and plans to reduce prescription drug costs.
The American Jobs Plan is a bold and comprehensive proposal aimed at supporting working-class Americans. The Biden administration’s focus on tax increases for the wealthiest in the country, as part of the larger plan, aims to create a fairer economy and promote a more equitable society. The plan’s effectiveness remains to be seen, but it opens the door to important discussions on issues of inequality, economic growth, and social policy in America.
