© Sipa USA
Biden Hosts a Virtual Event on Energy
NEW YORK (77WABC) — As part of his $5.8 trillion dollar Federal Budget Proposal, for fiscal 2023. President Biden pushed democrats Monday to overhaul the nation’s tax code.
Biden’s plan dramatically raise rates on corporations and ultra-wealthy Americans. Under Biden’s proposal, taxes would rise by $2.5 trillion, marking the largest increase in history. The deficit would be $1.15 trillion.
“We are reducing the Trump deficits and returning our fiscal house to order,” Biden said at the White House on Monday, referring to the widening spending gap under former President Donald Trump. He said the budget “makes prudent investment and economic growth, a more equitable economy, while making sure corporations and the very wealthy pay their fair share.”
Biden’s increases are aimed at corporate America, a modified wealth tax and a global minimum tax.
