In a bold move to reduce the country’s deficit, President Joe Biden has proposed a series of tax increases as part of his 2024 budget proposal. The plan would aim to cut $3 trillion from the US deficit.
According to the Financial Times, Biden’s proposal would raise taxes in 10 different ways, including increasing the capital gains tax rate and implementing a minimum tax on corporations. The plan also includes investing in social programs such as education and healthcare.
However, the budget proposal has faced opposition from the Republican Party. An article in the New York Post claims that the budget proves Biden wants war with the GOP, despite the shaky state of the economy.
In addition, Politico reports that the Pentagon has asked Congress for increased funding for Pacific forces amid growing concerns over China’s military capabilities. The move is seen as a response to China’s increased assertiveness in the region.
Despite the opposition, supporters of Biden’s budget proposal point to its potential to reduce the country’s deficit while investing in much-needed social programs. The New York Times has provided live updates on the ongoing discussion surrounding Biden’s budget proposal.
The current developments regarding Biden’s budget proposal and its potential impact on the US economy are being closely watched by experts and citizens alike, as the country looks to navigate its way out of the COVID-19 pandemic.