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President Biden’s budget proposal for the coming fiscal year includes a new minimum tax on billionaires and increased funding for policing and gun violence prevention.
It also calls for additional defense spending and continued support for Ukraine’s efforts to fend off Russia. And it includes elements of Biden’s “Build Back Better” agenda, which is stalled in Congress.
Essentially, the 157-page budget — not counting its hundreds of pages of charts and graphs — is a larger, numbers-heavy version of the vision Biden laid out in his State of the Union address at the start of the month.
“Budgets are statements of values, and the budget I release today sends a clear message that we value fiscal responsibility, safety and security at home and around the world, and the investments needed to continue our equitable growth. and build a better America,” Biden said in a statement released by the White House.
Presidential budgets are vision documents that almost never become reality, certainly not in their entirety. In recent years, even when the president’s own party controlled Congress, the president’s budget didn’t even get a vote.
Biden’s $5.8 trillion fiscal year 2023 budget includes items that were part of his “Build Back Better” agenda, including cutting energy costs and tackling climate change, cutting the costs of prescription drugs, funding a free community college, pursuing the enhanced child tax credit, and a high-quality preschool. . But it doesn’t include specific information on how much it all costs.
“Because these discussions with Congress are ongoing, the budget does not include specific line items for investments associated with this future legislation,” said Shalanda Young, director of the Office of Management and Budget.
Instead, there is a “deficit-free reserve fund to account for a future deal,” according to a White House document.
As Democrats face a tough midterm election environment later this year, this budget document is the kind of thing the president and his party can point to as an expression of their vision for the country. Among the proposals, you can expect to learn more about:
- $32.2 billion to get “more police on the job” through state and local grants and community violence intervention programs.
- hundreds of millions of dollars for programs to improve supply chains and move goods faster through ports across the country.
- a “Billionaire Minimum Income Tax,” which would require households worth more than $100 million to pay a minimum tax rate of 20% on all of their income, including unrealized capital gains.
- an increase in the corporate tax rate on profits to ensure, according to the White House, that big business “pays its fair share”.