Monday, May 29, 2023

Hefty Tax On Rich, Massive Infra Spending In Biden's $ 6.9 Trillion Budget

Hefty Tax On Rich, Massive Infra Spending In Biden's $ 6.9 Trillion Budget

The budget was termed a "non-starter" by the Republicans who have a majority in the House of Representatives.
US President Joe Biden on Thursday unveiled a USD 6.9 trillion annual budget for the year 2024, which proposes a hefty tax on the rich, massive spending on social measures and investment on building key infrastructure.

The budget was termed a "non-starter" by the Republicans who have a majority in the House of Representatives.

Biden at a rally in Philadelphia asserted that his budget reflects what "we can do to" lift the burden on hard working Americans and it would reduce the deficit this year by USD 160 billion.

"To support working parents, my budget expands access to affordable childcare for millions of families. And it's going to invest in paid family medical leave," Biden said, adding that his budget also invests in elder care and home care and restores the child tax credit.

Biden said the budget will deliver funding to help the US lead the world again. "My budget also invests in critical issues that matter to families, increasing the supply of affordable housing, lower rental costs, and make it easier to buy a home, all of which will generate economic growth and prosperity," he said.

Asserting that he brought down the deficit of USD 1.7 trillion more than any president in American history, Biden said his latest budget is going to reduce the deficit by nearly USD 3 trillion over 10 years.

The budgetary proposals call for imposing a 25 per cent minimum tax on the wealthiest 0.01 per cent of households, quadrupling a one per cent surcharge on corporate stock buybacks, restoring the top marginal income tax rate to 39.6 per cent. It proposes to raise the corporate income tax rate from 21 per cent to 28 per cent.

"No billionaire should be paying a lower tax than somebody working as a schoolteacher or a firefighter or any of you in this room. So, my plan is to make sure the corporations begin to pay their fair share. It used to be 35 per cent. We cut it down to 21 per cent. I think we should be paying 28 per cent," he said.

"There's going to be a real fight in that but we should be paying more than 21 per cent. And I made clear under my plan, and I made this commitment when I ran and I haven't broken it yet and I never will," he said.

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

"My budget is about investing in America and all of America, including places and people and folks who have been forgotten. Amid the economic upheaval of the past four decades, too many people have been left behind or treated like they're invisible. Not anymore," he said.

The opposition Republican party was very critical of the budget. "President Joe Biden's budget is a reckless proposal doubling 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 Republican Conference Chairwoman Elise Stefanik in a joint statement.

"After passing 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. In the next ten years, the federal government will spend over USD 10 trillion on interest alone," they 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 of this while cutting the deficit and making sure billionaires pay their fair share," she said.

Related Articles

If you donated to BLM, you got played
Pfizer, the EU, and disappearing ink - Smoke, Mirrors, and the Billion-Dose Pfizer Vaccine Deal: EU's 'Open Secret
Actor Tom Hanks told Harvard University graduates to be superheroes in their defense of truth and American ideals, and to resist those who twist the truth for their own gain
The Sussexes' Royal Rebound: Could Harry and Meghan Markle Return to the UK?
A provocative study suggests: Left-Wing Extremism and its Unsettling Connection to Psychopathy and Narcissism
France Arrests 10 on Suspicion of Failing to Respond in Time to Migrant Drowning
Neuralink Receives FDA Approval for First-in-Human Clinical Study
Saudi Arabia and Canada Restore Diplomatic Relations
Bernard Arnault Loses $11.2 Billion in One Day as Investors Fear Slowdown in US Growth Will Reduce Demand for Luxury Products
Russian’s Wagner Group leader: “I am not a chef, I am a butcher. Russia is in danger of a revolution like in 1917.”
TikTok Sues Montana Over Law Banning the App
Ron DeSantis Jumps Into 2024 Presidential Race, Setting Up Showdown With Trump
Last Walmart in North Portland Closing Down
Florida's DeSantis seeks to disqualify judge in Disney case
Talks between US House Republicans and President Biden's Democratic administration on raising the federal government's $31.4tn debt ceiling have paused
Disney has canceled plans to build a new campus in Florida worth almost $1 billion
Biden Administration Eyeing High-Profile Visits to China: The Biden Administration is heating things up by looking into setting up a series of top-level visits to Beijing by top officials in the coming months
New evidence in special counsel probe may undercut Trump’s claim documents he took were automatically declassified
A French court of appeals confirmed former President Nicolas Sarkozy's three-year jail term for corruption and influence peddling
Debt Ceiling Crises Have Unleashed Political Chaos
Weibao Wang, a former software engineer at Apple, was charged with stealing trade secrets related to autonomous systems, including self-driving cars
Mobile phone giant Vodafone to cut 11,000 jobs globally over three years as new boss says its performance not good enough
Elon Musk compares George Soros to Magneto, the supervillain from the Marvel Comics series.
Warren Buffett Sells TSMC Shares Over Concerns About Taiwan's Stability
New Study Finds That Secondary Bacterial Pneumonia Is a Major Cause of Death in COVID-19 Patients Who Require Ventilator Assistance
King Charles III being crowned.
'Godfather Of AI' Geoffrey Hinton Quits Google To Warn Of The Tech's Dangers
A Real woman
Vermont Man Charged with Stalking After Secretly Tracking Woman with Apple AirTag
Elon Musk Statements About Tesla Autopilot Could Be 'Deepfakes,' Lawyers Claim. Judge Evette Pennypacker Does Not Understand How Far and Advanced This Technology Became
Ukraine More Prepared for Counterattack as Reinforcements Arrive
UK Prime Minister Rishi Sunak and Italian Prime Minister Giorgia Meloni Discuss Migration, Defence, and Ukraine
Tucker Carlson is back, soon!
AT&T's Successful Test of Satellite-Based Phone Call Raises Possibility of Widespread Coverage
CNN: "Joe Biden is asking for four more years — when 74% of Americans think the country is heading the wrong way“
Turkish President Recep Tayyip Erdogan Cuts Short Live TV Interview Due to Health Issue
US Congresswoman threaten Twitter Files journalist with arrest
Pulitzer Prize-winning journalist Seymour Hersh slams New York Times' pro-government stance and treatment of sources
Enough is enough: it's time to end the war in Ukraine. While Russia may be to blame for starting it, Russia is not the one refusing to stop it
Fox News Settles their case with Dominion Voting Systems for a staggering $787.5 MILLION
The land of the free violence
Speaker Kevin McCarthy
21-year-old Massachusetts Air National Guard member Jack Teixeira has been arrested for leaking classified Pentagon Documents
The Supreme Court will allow a 12-year-old transgender West Virginia girl to compete on her middle school’s girls' sports teams amid a lawsuit over a ban
Iran and Saudi Arabia hold first diplomatic talks in seven years, brokered by China
Bank of America cuts short conference after outrage at Ukraine comments
Mitt Romney calls Trump indictment 'overreach,' says charges were 'stretched' to suit a 'political agenda'
The G-7 aims to make global crypto regulations tougher
Russia arrested an American reporter for the Wall Street Journal on espionage charges
Don’t Dismiss China’s Peacemaking Bid