According to AFP, the proposed government budget announced by President Joe Biden on March 11 includes many items that were proposed but not passed, including a 25% minimum tax rate for the richest Americans and an increase in corporate tax from 21% to 28%.
President Joe Biden proposes $7.3 trillion budget for fiscal year 2025
People earning less than $400,000 a year would pay no tax under the new proposal, while those with more than $100 million in assets would pay at least 25% of their income in taxes.
In addition, the administration plans to increase spending on social security programs, restore a child tax credit and allocate nearly $260 billion to build or preserve 2 million homes.
The proposed defense and national security budget is $895 billion, up 1 percent from last year. Of that, $850 billion would go to the Pentagon.
Reuters quoted the US Treasury Department's announcement that Mr. Biden's proposed budget would raise tax revenue to $4,951 billion over 10 years, including more than $2,700 billion from corporate taxes and nearly $2,000 billion from taxes on the wealthy and real estate, along with other revenues.
According to the White House forecast, if the proposal is passed, the US budget deficit will increase by $1.8 trillion in 2025, equivalent to 6.1% of GDP, before falling below 4% in the next 10 years. The total US budget deficit is currently $34.5 trillion.
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According to Axios , President Biden is using the proposed budget to refine the core of the campaign promises he has made over the past several months, while also pushing Congress to provide aid to Ukraine, Israel, and for border security.
With the stalemate in Congress over the 2024 budget, which has yet to be fully passed, Biden’s proposal is unlikely to be passed before the end of fiscal year 2024 on September 30. However, the proposal will allow him to clarify his plans and priorities for his second term in the context of the presidential election taking place this year.
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