For now, the new budget is the White House’s wish list. The ideas announced by Joe Biden are a proposal, and its final form depends on wash in the US Congress. The budget law that is finally passed is expected to look different – but what will members of Congress work on?
Joe Biden announces his US budget draft. $7 billion on the eastern flank of NATO
“The budget that I announced today sends a clear message to Americans about what we value: first, fiscal responsibility, second, security, and third, the investment needed to build a better America,” Biden told reporters gathered at the White House.
How will he do that? Federal spending in fiscal year 2023 will be $5.79 trillion with a deficit of $1.15 trillion. In the field of defense, the president would like to allocate a record amount in times of peace – 813 billion dollars, that is, an increase of 4%. compared to this year. More importantly for us, nearly $7 billion will be spent on the presence of US forces on the eastern flank of NATO and support for the alliance during Russia’s aggressive actions against Ukraine. The budget also provides for additional support to Ukraine in the amount of 1 billion US dollars.
Biden also suggests investing in homeland security. He would like to spend nearly $33 billion on the police, including increasing the number of policemen. The proposal also includes increased spending on health programs, preparing the United States for future pandemics, and an energy transition and education.
Where does Biden want the money? It suggests, among other things, “minimum tax For billionaires. Earnings of more than $100 million annually are expected to pay at least 20 percent of income tax.
The extra money will come from the so-called “Minimum Billionaire Tax,” which assumes that people who earn more than $100 million a year will have to pay at least 20 percent of the tax on their income. The Associated Press notes that a similar bill was discussed in Congress last year, but it collapsed on the level of agreement among Democrats themselves. Currently, billionaires pay an average of 8 percent. tax on your income. Biden argued that the firefighter or teacher pays double that amount, adding that the increased tax would only apply to “one hundred percent of American families.” Biden also proposes raising the corporate tax to 28 percent. With 21 percent
Already Republicans suggest the budget deficit will still exceed $1 trillion, though Biden insists he is “cleaning up the inherited fiscal mess,” his administration is making progress on the matter, with a plan to cut the deficit and trim $1 trillion over the decade. The opposition party also criticizes the rise in spending, fearing its effect on inflation and raising taxes, which, according to Republican politicians, could reduce economic growth.
Joe Biden’s proposal is essentially a set of ideas and vision, not specific provisions in law. Congress is responsible for federal spending in the United States, and this is where the final shape of the new budget will be formed.
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