The president’s $7.3 trillion budget proposal for the next fiscal year includes about $3 trillion in deficit reduction over a decade, largely from raising taxes on high earners and corporations.
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Biden Plan Would Raise Taxes on Corporations and the Wealthy
The proposals in President Biden’s budget plan, including the tax increases, project to reduce deficits by about $3 trillion over a decade.
It’s my goal to cut the federal debt even more by making big corporations and the very wealthy begin to pay their fair share. I’m not anticorporation. I represented the state of Delaware. More corporations incorporated in Delaware than every other state in America combined. Combined. But guess what? But I’m a capitalist, man. Make all the money you want. Just begin to pay your fair share, your taxes. I had a tax code that charged them [billionaires] 25 percent. Not the highest rate — 25 percent. You know how much that would raise over the next 10 years? $400 billion. [$400] billion a year. Imagine what we could do, from cutting the deficit to providing for child care, to providing health care, to continue to provide our military with all they need. So, folks, look, this is not beyond our capacity.
The proposals in President Biden’s budget plan, including the tax increases, project to reduce deficits by about $3 trillion over a decade.Credit
President Biden proposed a $7.3 trillion budget on Monday packed with tax increases on corporations and high earners, new spending on social programs and a wide range of efforts to combat high consumer costs like housing and college tuition.
The proposal includes only relatively small changes from the budget plan Mr. Biden submitted last year, which went nowhere in Congress, though it reiterates his call for lawmakers to spend about $100 billion to strengthen border security and deliver aid to Israel and Ukraine.
Most of the new spending and tax increases included in the fiscal year 2025 budget again stand almost no chance of becoming law this year, given that Republicans control the House and roundly oppose Mr. Biden’s economic agenda. Last week, House Republicans passed a budget proposal outlining their priorities, which are far afield from what Democrats have called for.
Instead, the document will serve as a draft of Mr. Biden’s policy platform as he seeks re-election in November, along with a series of contrasts intended to draw a distinction with his presumptive Republican opponent, former President Donald J. Trump.
Mr. Biden has sought to reclaim strength on economic issues with voters who have given him low marks amid elevated inflation. This budget aims to portray him as a champion of increased government aid for workers, parents, manufacturers, retirees and students, as well as the fight against climate change.
Speaking in New Hampshire on Monday, Mr. Biden heralded the budget as a way to raise revenue to pay for his priorities by raising taxes on the wealthiest Americans and big corporations.
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Source: nytimes.com
