The financial blueprint that Biden is announcing will serve as a political talking point for a president preparing to run for reelection
Biden’s budget covers the next 10 years. Overall, he expects an additional $4.7 trillion in tax revenues and $800 billion in savings from making changes to government programs. Biden also wants $2.6 trillion in new spending. That leaves him with an estimated $2.9 trillion reduction in the deficit.
The president wants a 25% tax on the richest 0.01% of Americans. The White House calls this a “minimum tax on billionaires.” The idea is designed to extract more revenue from income that isn’t derived from salaries, ending what the administration describes as “special treatment” and “giant loopholes.”China’s Ambitions, Russia’s Nukes and TikTok: Spy Chiefs Talk Biggest U.S. Security Threats
The budget proposal would also close the “carried interest” loophole that allows wealthy hedge fund managers and others to pay their taxes at a lower rate.A key trust fund that funds Medicare, which provides health care to older adults, is on track to become insolvent in about five years, meaning it would be unable to fully cover the cost of benefits. The White House says Biden’s plan would push that date back to the 2050s.
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