President Joe Biden’s proposed budget for fiscal year 2023 includes a few notable aspects, including huge increases in military spending, over $80 billion to prepare for future pandemics, and large tax increases on wealthy Americans.
Biden presented Monday a budget which would raise military spending by $813 billion.
In his statement about his budget request, Biden noted, “Budgets are statements of values, and the budget I am releasing today sends a clear message that we value fiscal responsibility, safety and security at home and around the world, and the investments needed to continue our equitable growth and build a better America.”
Biden requested that Congress increase military funding by 4 percent and non-defense funds, respectively, in his budget request. He also proposed a new tax on the nation’s richest households. https://t.co/Ud01mHzL1L
— POLITICO (@politico) March 28, 2022
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Defense And National Security Spending
Biden’s massive request for $813 billion – as Reuters points out, more than former President Trump ever requested – and up from $778 billion last year, isn’t even enough for some Republicans. Biden’s 4% increase isn’t as high as the 5% Republicans have already demanded.
In his statement, Biden declared,
“I’m calling for one of the largest investments in our national security in history, with the funds needed to ensure that our military remains the best-prepared, best-trained, best-equipped military in the world. In addition, I’m calling for continued investment to forcefully respond to Putin’s aggression against Ukraine with U.S. support for Ukraine’s economic, humanitarian, and security needs.”
It is not necessary to increase the defense budget by $31 billion more.
It’s time to make investments into our communities — not into a defense budget that is already larger than the next 11 countries combined. pic.twitter.com/2nUpMpNt6E
— Rep. Pramila Jayapal (@RepJayapal) March 28, 2022
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Assessing the Rich
The new “Billionaire Minimum Income Tax” would hit the nation’s most well-to-do taxpayers, those “worth” more than $100 million, with a bill of at least 20% in taxes on both income and unrealized gains.
Additionally, the corporate rate of tax would rise significantly to 28%, an increase from 21%.
According to Tax Foundation, the U.S. has an average corporate tax rate that is higher than the global average.
Budget FY 2023 for the Biden White House
Proposes a new tax minimum on billionaires.
“This minimum tax would apply only to the wealthiest 0.01 percent of households—those with more than $100 million—and over half the revenue would come from billionaires alone.”
— Kyle Griffin (@kylegriffin1) March 28, 2022
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Planning For Future Pandemics
New budget proposals include $81.7 billion to fund future pandemic preparedness.
The breakdown of pandemic spending includes $40 billion for R&D and manufacturing capacity for vaccines, another $28 for the CDC, $12.1 billion for the National Institutes of Health, and almost $2 billion for the FDA.
Biden says that his budget overall is the most fiscally responsible.
“My Administration is on track to reduce the federal deficit by more than $1.3 trillion this year, cutting in half the deficit from the last year of the previous Administration and delivering the largest one-year reduction in the deficit in U.S. history.”
Joe Biden today will announce a tax hike in his budget for 2023.
Why should we increase taxes when Biden’s agenda is free?
— Lance Gooden (@Lancegooden) March 28, 2022