Biden wants new taxes on the rich and more spending on military and national priorities.

President Biden proposed a budget of $5.8 trillion on Monday, a request that reflected growing security and economic concerns at home an...

President Biden proposed a budget of $5.8 trillion on Monday, a request that reflected growing security and economic concerns at home and abroad, with billions set aside to invest in services. from police and the army as well as new taxes on the wealthiest Americans.

In his presidency’s second budget request, Mr. Biden proposed spending about $1.6 trillion on domestic investments for fiscal year 2023 — a 7% increase from current levels — including additional funding for affordable housing, anti-gun violence initiatives, and investments in manufacturing to address supply chain issues that have helped fuel rapid inflation.

While the White House budget is simply a request to Congress, which controls the purse strings of government, it is a snapshot of a president’s priorities and where an administration wants to direct its energies going forward.

Mr. Biden’s latest proposal echoed the pivot he made during his State of the Union address, where he reframed a national agenda that focused less on the radical aspirations of his first year in office. power and gave greater priority to issues that voters are concerned about ahead of the midterm elections. – including rise in consumer prices, crime and health care. The shift is a nod to centrist Democrats, who have called on the White House to prioritize immediate issues as the party heads into what is expected to be an uphill battle to retain control of the House and Senate.

“He’s making careful investments in economic growth or the fair economy, while making sure corporations and the very wealthy pay their fair share,” Biden said during a White House address on Monday.

The president added that his budget focuses on internal and external security. “The answer is not to fund our police services. This is to fund our police and give them all the tools they need,” Biden said.

The administration, which has sought to distance itself from progressive calls to divest from policing and thwart Republican attacks on rising crime, has proposed $30 billion for policing and community anti-violence programs , while earmarking $367 million for the Department of Justice to support police. reform, prosecute hate crimes and protect voting rights.

The budget also includes more than $17 billion to crack down on gun trafficking and nearly $70 billion for the FBI to reduce violent crime.

The president said he wanted to strike a balance between crime reduction and criminal justice reform, even as funding for law enforcement eclipsed more alternative community safety programs.

“They need psychologists in the department as much as they need more guns,” Biden said. “They need people who are in the department who can also deal with the crisis that the police are going through.”

But the budget also reflected the uncertainty of Mr. Biden’s domestic agenda amid a narrow majority in Congress. The administration has avoided offering price tags or income assessments for some of its national proposals such as expanding health care coverage, tackling the high cost of prescription drugs and directing spending on climate change and childcare. Shalanda D. Young, director of the Office of Management and Budget, said the omission was intentional “to leave space for revenue specifically to allow congressional negotiators to do what President Biden has asked.”

The budget will also seek additional funds to help address the international crisis created by The Russian invasion of Ukrainethat threatens to slow down the global economy.

Mr. Biden will ask $773 billion in Department of Defense spending, including funding to detect and intercept missile strikes from hostile territories like North Korea and Iran, as well as $6.9 billion to help NATO counter threats from Russia and moreover following the war launched by President Vladimir V. Putin. Mr Biden also requested $4.1 billion to conduct research and develop defense capabilities, nearly $5 billion for a space-based missile warning system to detect global threats and nearly 2 billion dollars for a missile defense interceptor to protect the United States against ballistic missile threats. states like North Korea and Iran.

Mr Biden has also called for new taxes on the wealthy, including a minimum tax on billionaires. The proposal, which must be approved by Congress, would require U.S. households worth more than $100 million to pay a rate of at least 20% on their income as well as unrealized gains on the value of their assets liquids, such as stocks and bonds, which can accumulate in value for years but are not taxed until they are sold. The $360 billion in tax revenue the White House plans to raise could also be directed to the president’s broader agenda.

The White House budget also includes other tax increases for the wealthy. This would raise the top personal income tax rate to 39.6% from 37%. And Mr. Biden also wants to raise the corporate tax rate to 28% from 21%.

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Newsrust - US Top News: Biden wants new taxes on the rich and more spending on military and national priorities.
Biden wants new taxes on the rich and more spending on military and national priorities.
Newsrust - US Top News
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