Biden's budget raises taxes on rich, boosts spending on infra

US President Biden unveiled a $6.8-trillion budget blueprint on Thursday. The plan includes new tax increases on wealthy Americans and corporations that are designed to offset new spending on social programs and trim the federal deficit by nearly $3 trillion over the next decade. While speaking at the Philadelphia union hall, the president questioned his Republican opposition over the issue of fiscal responsibility, as he highlighted plans to deduct the deficit of the nation by nearly $3 trillion in 10 years by increasing taxes on those who have an income of more than $400,000 a year. The budget, overall, would increase federal spending in the coming twelve months to $6.8 trillion. “I have created 12 million jobs in two years - more than any other president in American history. Any country that out-educates us will out-compete us. Our education system was more efficient than any other now the rest of the world has caught up. We want the best-educated workforce for our country. We are working for better opportunities,” he added. 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. 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.