OnPolitics: What's in President Joe Biden's budget, and what's next?
Hi there, OnPolitics readers!
President Joe Biden released his long-awaited budget proposal today, kicking off what is expected to be a months-long fight over the federal budget between the Biden administration and Republicans, Paste BN's White House team reports.
What's in the proposed budget:
- A 'billionaires' tax: Biden's budget calls for new taxes on wealthy Americans, including a "billionaires' tax" that would impose a 25% minimum income tax on the wealthiest 0.01% of Americans.
- A deficit reduction: The proposal promises to trim the federal deficit by nearly $3 trillion over the next decade, which is expected to be nixed once it reaches Congress.
- Increase in defense spending: The budget calls for a $26 billion increase in Pentagon spending, boosting its overall budget to $842 billion -- a 3.2% increase over 2023.
🔎 More budget details from our live coverage: What's in Biden's $6.8 trillion budget? Raising taxes on the rich, GOP calls it 'misguided'
🔮 What is the future for Social Security? President Joe Biden budget release silent on how to keep Social Security afloat long-term
📣 For subscribers: Takeaways from Biden's budget.
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