Specifically, people with assets over $100 million will have to pay taxes of at least 25 percent. Existing tax rules allow for many loopholes, with the result that many wealthier Americans pay less in taxes than the average household.
The draft budget also includes a nominal increase in defense spending to a record $842 billion. This represents an increase of 3.2 percent compared to 2022. In addition, another $6 billion will be allocated to support Ukraine, NATO and European allies. “I will not allow the needs of the intelligence community and our military to be diminished,” Biden said.
Total spending on the draft budget is $6.9 trillion. Then the budget deficit will be about $ 1.8 trillion.
The proposal is the first step in difficult budget negotiations, which usually drag on for months. However, Congress has the final say. Democrats no longer have a majority in the House of Representatives, so the budget in this version doesn’t seem to have a chance of success.
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