President Biden announced his budget proposal, which includes a plan to cut the deficit by $3 trillion over the next decade. The plan also calls for a 25% minimum tax on the richest Americans to help fund healthcare programs like Medicare.
The proposed tax increases are a major part of the administration’s plan, which aims to reduce the deficit by ending tax breaks for the wealthy and corporations. Biden is proposing tax hikes on capital gains, which could be a source of considerable revenue.
However, the tax increases are already facing opposition from Republicans, who view them as a partisan attack on the GOP. The New York Post even suggests that Biden’s budget proves he wants war with the GOP, despite the shaky economy.
Even so, Biden’s prescription drug price plan is also drawing scrutiny. Fox News reports that the plan will only benefit a select few, rather than the general public.
Overall, the budget proposal sets the stage for a heated debate in Congress over taxes, healthcare, and the role of government in the economy. Only time will tell how this will all shake out.