03/11/2024

President Biden's $7.3 Trillion Budget is Campaign Pitch for Spending, Tax Goals

Congress is unlikely to adopt the measures as proposed

On Monday, President Joe Biden sketched his policy vision for a potential second four-year term, unveiling a $7.3 trillion election-year budget aimed at convincing skeptical Americans that he can run the economy better than Donald Trump.

Biden wants to raise taxes by trillions on corporations and high earners, his budget wish-list showed, to help cut the deficit and pay for new programs assisting those who make less cope with high housing and childcare costs. Congress is unlikely to adopt the measures as proposed.

Biden's budget for the 2025 fiscal year, which starts this October, includes raising the corporate income tax rate to 28 percent from 21 percent, forcing those with wealth of $100 million to pay at least 25 percent of their income in taxes, and letting the government negotiate to bring more drug costs down.

Please select this link to read the complete article from Reuters.