President Biden announced a budget blueprint Monday that calls for higher taxes on the wealthy, lower federal deficits, more money for police, and greater funding for education, public health, and housing. Appearing at the White House with budget director Shalanda Young, Biden said the proposal sends a clear message to the public about "what we value." He outlined a focus on fiscal responsibility, safety and security, and investments to "build a better America." The document essentially tries to tell voters what a diverse and at times fractured Democratic Party stands for ahead of midterm elections that could decide whether Congress remains under the party's control, the AP reports.
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. There would be $795 billion for defense, $915 billion for domestic programs, and the remaining balance would go to mandatory spending such as Social Security, Medicare, Medicaid, and net interest on the national debt. The higher taxes outlined on Monday would raise $361 billion in revenue over 10 years and apply to the top 0.01% of households.
The proposal includes a minimum 20% tax on the incomes of households worth $100 million or more. It lists another $1.4 trillion in revenue raised over the next decade through other tax increases that are meant to preserve Biden's pledge to not hike taxes on people earning less than $400,000. But like most presidential budgets, it's a proposal and a set of ideals rather than the law of the land. Congress is responsible for implementing the budget through tax and spending legislation and annual agency funding. Undergirding the plan is a forecast that the economy will return to normal next year after the unprecedented spending tied to the pandemic and inflation. (More President Biden stories.)
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