Tax Raise for Rich, Boost to Infra Spending: Joe Biden Unveils $6.9 Trillion Budget

US President Joe Biden on Thursday unveiled a USD 6.9 trillion annual budget for 2024 that proposes higher taxes on the wealthy, massive spending on social measures and investment in building key infrastructure.

The budget was dubbed a “non-starter” by Republicans, who hold a majority in the House of Representatives.

At a rally in Philadelphia, Biden insisted his budget showed “what we can do to take the burden off hard-working Americans” and that it would reduce the deficit by $160 billion this year.

“To support working parents, my budget expands access to affordable child care for millions of families. And it’s going to invest in paid family medical leave,” Biden said, referring to his budget for elderly care and housing. Also invests in child care and restores the Child Tax Credit.

Biden said the budget would help America lead the world again. “My budget also invests in important issues that matter to families, increasing the supply of affordable housing, lowering rental costs, and making it easier to buy a home, all of which will generate economic growth and prosperity,” he said. .

Stating that he has reduced the deficit by USD 1.7 trillion more than any president in US history, Biden said that his latest budget is going to reduce the deficit by nearly USD 3 trillion in 10 years.

Budget proposals call for a 25 percent minimum tax on the wealthiest 0.01 percent of households, quadrupling the one percent surcharge on corporate stock buybacks, restoring the top marginal income tax rate to 39.6 percent. It proposes to increase the corporate income tax rate from 21 percent to 28 percent.

“No billionaire in this room should be paying less taxes than working as a schoolteacher or firefighter or any of you. So, I plan to make sure corporations start paying their fair share.” Pay. It used to be 35 per cent. We have reduced it to 21 per cent. I think we should pay 28 per cent.”

“It’s going to be a real fight but we should pay more than 21 percent. And I made that clear under my plan, and I made that commitment when I ran and I haven’t broken it yet and I never will.” break,” he said.

Acknowledging that there are sharp differences with Republicans, Biden said he is willing to sit down with them to talk and negotiate.

“My budget is about investing in America and across America, including the places and the people and the people that have been forgotten. In the midst of the economic turmoil of the last four decades, too many people have been left behind or lost their lives. have been treated like they are invisible. Not anymore,” he said.

The opposition Republican Party was very critical of the budget. “President Joe Biden’s budget is a reckless proposal to double down on the same far-left spending policies that have led to record inflation and our current debt crisis,” said Speaker Kevin McCarthy, Majority Leader Steve Scalise, Majority Whip Tom Emmer and Republicans said conference chair Alice Stefanik in a joint statement.

“After spending trillions of dollars in new deficit spending that we cannot afford, over the next 30 years, the national debt will be nearly twice the size of the entire economy. Over the next ten years, the federal government will spend $10 trillion on interest alone.” dollars,” he said.

Vice President Kamala Harris said the administration is investing in the full potential of the American people. “Our budget will lower costs, invest in workers, and strengthen Medicare and Social Security. It does all this while reducing the deficit and making sure billionaires are paid their fair share,” she said.

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(This story has not been edited by News18 staff and is published from a syndicated news agency feed)