Dailywire Article-More Taxes And More Spending: Here’s What You Need To Know About President Biden’s Newest Budget
Posted by M. C. on March 10, 2023
Businesses would likewise see a number of tax hikes, including an increase in the corporate tax to 28%-Say goodbye to someone’s job. We could save a bunch by saying goodbye to (endless) war.
By Ben Zeisloft
Chip Somodevilla via Getty Images
President Joe Biden unveiled record spending and several new tax increases on Thursday in his budget proposal for fiscal year 2024.
The suggested $6.9 trillion for the federal government’s operations between October 1, 2023, and September 30, 2024, would mark a $1.1 trillion increase from the $5.8 trillion proposed by the commander-in-chief for the previous fiscal year. House Republicans are expected to reject the proposal and counter with a budget of their own.
“This year’s budget cuts the deficit by nearly $3 trillion over the next decade by asking the wealthy and big corporations to begin to pay their fair share,” Office of Management and Budget Director Shalanda Young said in a statement. “It does this in part by reforming our tax code to reward work, not wealth, including by ensuring that no billionaire pays a lower tax rate than a teacher or a firefighter, and by quadrupling the tax on corporate stock buybacks.”
The budget proposal is indeed marked by a number of tax hikes on affluent households, including a 25% minimum tax on those with more than $100 million in wealth that the budget calls a “billionaire minimum tax.” The top marginal tax rate would also be increased to 39.6% from the current 37%, which would represent a return to levels seen before the Tax Cuts and Jobs Act of 2017, the hallmark legislative accomplishment of former President Donald Trump.
The budget would also increase the investment income tax used to fund Medicare from 3.8% to 5% for individuals earning more than $400,000 per year, a move that the White House claims would extend the solvency of the Medicare Hospital Insurance Trust Fund for at least 25 years.
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