Biden Budget Proposal Outlines Social Spending, Business Tax Hikes
The Biden plan comes as the White House is seeking an agreement with Senate Republicans over infrastructure spending.
ANDREW TAYLOR
WASHINGTON (AP) President Joe Biden’s $6 trillion budget proposal for next year would run a $1.8 trillion federal government deficit despite a raft of new tax increases on corporations and high-income people designed to pay for his ambitious spending plans.
Biden had already announced his major budget initiatives, but during a rollout Friday he will release them as a single proposal to incorporate them into the government’s existing budget framework, including Social Security and Medicare. That provides a fuller view of the administration’s fiscal posture.
Bidenâs $6T budget proposal: Social spending, taxes on business
By Andrew Taylor
WASHINGTON - President Joe Biden on Friday unveiled a $6 trillion budget for next year that s piled high with new safety net programs for the poor and middle class, but his generosity depends on taxing corporations and the wealthy to keep the nation s spiking debt from spiraling totally out of control.
Biden has already described, in general terms, major plans on infrastructure and he won a major victory on COVID-19 relief earlier this year. But Friday s rollout tallies up the costs and incorporates them into the government s existing budget framework, including Social Security and Medicare, to provide a fuller view of the administration s fiscal posture.
President Joe Biden on Friday will rollout his $6 trillion budget proposal for next year, with incorporates the administration's eight-year, $2.3 trillion infrastructure proposal and its $1.8 trillion American Families Plan.
Biden s $6T budget proposal: Social spending, taxes on business foxla.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from foxla.com Daily Mail and Mail on Sunday newspapers.
Social spending, business tax hike drive $6T Biden budget thetelegraph.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thetelegraph.com Daily Mail and Mail on Sunday newspapers.