The budget proposed plans to put about $3 trillion toward tackling the nation’s deficits over the next 10 years with pitches for tax hikes targeting the wealthiest Americans and corporations.
The proposals include a so-called “billionaire” minimum tax aimed at imposing a tax of at least 25 percent on total income for Americans whose wealth exceeds $100 million, and raising the corporate tax rate to 28 percent. Biden also called for upping the stock buybacks tax and the tax rate on U.S. multinationals’ foreign earnings.
At the same time, Biden is also proposing funding boosts for Democratic-backed priorities and nondefense programs. The pitches have already prompted applause from some in the party, but provide a stark contrast to proposals being pushed by conservatives calling for steep reductions in government spending for fiscal 2024.
“President Biden just delivered his budget to Congress, and it is completely unserious,” Speaker Kevin McCarthy (R-Calif.) tweeted shortly after the rollout, adding, “Washington has a spending problem, NOT a revenue problem.”
House Republicans are currently putting together an official party budget plan they aim to release in the coming weeks. The party faces a difficult task finding potential proposals to curb government spending that can win the support of the entire GOP conference, and Democrats are already pouncing on the prospect of proposed cuts to popular programs.
“What are they going to cut?” Biden said on Thursday. “What about veterans’ benefits? What about law enforcement? What about aid to rural communities? What about support for our military. How will they make these numbers add up?”
Catch up with five takeaways from Biden’s budget at TheHill.com.
