(LibertySociety.com) – On March 28, President Joe Biden proposed a 2023 federal budget, increasing taxes on the extremely wealthy, spending billions more on defense, and charging more to corporations at tax time. The budget did not include any further pandemic assistance for Americans, but instead focused on reducing the overall budget and crime across the US.
One of the biggest revenue raisers proposed is a 20% minimum tax for citizens whose households are worth over $100 million – about 700 Americans or more. Biden included the measure because he said public servants like teachers and firefighters pay more than the ultra-rich, and his suggestion would likely make paying taxes fairer. Another tax to bring in revenue is the corporate tax hike from 21% to 28%, affecting everyone who owns a corporation, including the middle class.
Biden's 2023 federal budget proposes tax hikes on the ultra-wealthy and corporations while providing billions of dollars in new spending at the Defense Department and the Justice Department.https://t.co/hLiyBFYmei
— NBC New York (@NBCNewYork) March 28, 2022
He included climate change funding to appease Progressives and increased police budgeting to bring in moderate Democratic support for the measure. The defense spending includes billions toward NATO and European defense, and Biden included money for future pandemics.
Americans for Tax Reform President Grover Norquist believes the billionaire tax will affect the middle class because he feels the plan isn’t workable. As a result, he said the government will end up raising taxes on things like energy, which affects everyone.
Copyright 2022, LibertySociety.com