2024-01-14 Government Corruption
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Biden Unveils $6.8 Trillion Budget With New Tax Revenue
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[FORBES] TOPLINE President Joe Biden proposed new taxes on the wealthy in order to lower the federal deficit by $3 trillion over the next five years in his 2024 budget plan unveiled Thursday—but the proposal is expected to face a long negotiating process in Congress, where House Republicans have vowed to drastically reduce federal spending.
KEY FACTS
The $6.8 trillion 2024 spending plan includes $885 billion in defense spending and $1 trillion in non-defense spending, not including mandatory programs like Medicare and Social Security, and aims to reduce the federal deficit by $3 trillion over the next ten years.
The Biden Administration has said that fortifying a key Medicare fund that could run out of money by 2028 is a key priority in this year’s budget—it hopes to achieve that, in part, by imposing a "modest" raise, from 3.8% to 5%, on Medicare surtaxes for those who make more than $400,000 a year.
The plan also includes Biden’s promised "billionaires tax," which would establish a minimum 25% rate for the top 0.01% of earners and include taxes on unrealized capital gains (without taxes on those assets, the White House estimates those earners pay about 8%).
In total, the proposal includes $5 trillion in new revenue from taxes over the next 10 years.
Biden’s proposal faces long odds of passing the Republican-controlled House without significant changes—the GOP has already expressed plans to drastically reduce federal spending on foreign aid, healthcare and housing programs, and members are likely prepping public rebukes of the White House budget as soon as it’s released.
With a slim 222-213 majority in the House, Speaker Kevin McCarthy (R-Calif.) must find a way to appease nearly all of his members to approve a budget plan, while also negotiating with Democrats who control the Senate, in order to pass the legislation before the end of September.
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Posted by Besoeker 2024-01-14 04:45||
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