WATCH LIVE: President Joe Biden releases budget plan
higher taxes on the wealthy,
The bottom line: Biden is proposing a total of $5.8 trillion in federal spending in fiscal 2023, which begins in October, slightly less than what was projected to be spent this year before the supplemental spending bill was signed into law this month. The deficit would be $1.15 trillion. The proposal includes a minimum 20% tax on the incomes of households worth $100 million or more, similar to an earlier proposal Democrats in Congress began debating late last year in order to pay for Biden's domestic spending plans. But those spending plans were put on hold after talks with West Virginia Sen. Joe Manchin collapsed.More money would go to support law enforcement, yet bipartisan efforts at police reform have failed.
The proposal faced immediate criticism from Republican lawmakers. They noted that deficits well in excess of $1 trillion annually would persist, said higher taxes could hurt growth and objected that additional government spending would feed into inflation. “That is kind of like a slow burn proposal, like let’s continue to have this conversation over months or maybe years," Gimigliano said.
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