Joe Biden released his whopping $5.8 trillion budget for fiscal year 2023 on Monday. Here’s what you should know about it. The budget includes significant funding for police, calls for more defense spending and demands a new minimum tax targeting the rich. Specifically, the budget gives $3.2 billion in discretionary funds for state and local […]
Joe Biden released his whopping $5.8 trillion budget for fiscal year 2023 on Monday.
Here’s what you should know about it.
The budget includes significant funding for police, calls for more defense spending and demands a new minimum tax targeting the rich.
Specifically, the budget gives $3.2 billion in discretionary funds for state and local grants, as well as $30 billion in mandatory funds to “support law enforcement, crime prevention, and community violence intervention.”
It also proposes to increase the capacity of federal law enforcement agencies like the FBI and the U.S. marshals Service to fight violent crime across the country.
In terms of taxing the rich, Biden wants Congress to pass legislation requiring the richest 0.01 percent of Americans to pay a minimum of 20 percent on all of their income, including unrealized investment income, the Epoch Times reports.
Biden’s “Billionaire Minimum Income Tax” will make America's tax code more equitable, while also reducing the deficit by $360 billion over the next decade, according to the White House.
The budget also focuses on “confronting global threats,” proposing $773 billion for the Defense Department.
“To sustain and strengthen deterrence, the Budget prioritizes China as the Department’s pacing challenge,” the White House said.
It also includes nearly $1.8 billion for the State Department and USAID to “support a free and open, connected, secure, and resilient Indo-Pacific Region and the Indo-Pacific Strategy,” as well as $400 million for the “Countering the People’s Republic of China Malign Influence Fund.”
