United States: in a budget of 6.8 trillion dollars, Joe Biden proposes a tax increase on billionaires

US President Joe Biden presented a proposed budget for 6.8 trillion dollars on Thursday that provides for a deficit reduction of 3 trillion in 10 years and

The White House said Biden

, while the corporate tax would rise to 28%, reversing a huge tax cut enacted under the Trump administration in 2017.

The White House said Biden wants a

, while the corporate tax would rise from less than 10% to 28%, reversing a huge tax cut enacted under the Donald Trump government in 2017.

This is to achieve a cut in the federal deficit of 3 trillion dollars over the next decade.

President Joe Biden at the White House.

Photo EFE

Republicans oppose

Details released by the White House challenge Republicans as the president prepares to announce whether he is running for re-election.

It is discounted that in Congress the congressional Republicans

arguing that the solution to solving the growing US debt involves cutting spending and not raising taxes.

Now, however, Republicans are under pressure to explain

.

The Democrats, for their part, are trying to present themselves as the party of ordinary Americans.

Biden's plan will "invest in America, reduce costs and cut taxes for working families," the White House said.

Biden also proposes raising taxes on those who earn more than

, the government-funded health insurance system for people over 65.

According to the White House, raising the Medicare contribution

of those wealthiest people would guarantee the viability of the program for more than two decades.

"My budget will ask the rich to pay their fair share so the millions of hardworking people who helped build that wealth can retire on the Medicare they paid for," Biden tweeted Thursday.

Ukraine and defense spending

In addition, it asks Congress

and to strengthen Washington's alliance with NATO and its allies in Europe.

This is how it appears in the budget plan for fiscal year 2024 (from October 1, 2023 to September 30, 2024) made public by the White House and which is usually the start of the president's negotiations with Congress, the body with

to approve the budget.

According to the text, the objective of the 6,000 million is to help Ukraine and improve the military capabilities of the US and its allies in the face of "continuous aggression" from Russia.

Apart from Ukraine, the budget includes

and strengthening US alliances in the Indo-Pacific.

Joe Biden foresees an increase in defense spending.

AP Photo

Specifically, it includes 2.3 billion dollars for the Department of State and the Agency for International Development (USAID) to strengthen US alliances in Asia and guarantee an "open" and "safe" Indo-Pacific, that is that is, in which the influence of China is contained.

In addition, the Government requests 6,000 million dollars to invest in economic development and infrastructure in various Asian nations.

On the other hand, the part of the budget destined for Defense contains a request to Congress for

the nature of which is not specified but whose objective is to demonstrate the US commitment to its allies in Asia.

The defense and foreign policy sections of the budget also include funds to increase the number of Afghan refugees granted asylum in the US and other items to defend democracy and fight cyberattacks.

In the text, Biden requests Congress to increase the funds allocated to the Department of Defense by 3.2%, which

It also requests an 11% increase compared to last year for the State Department and other cooperation programs, which would have 70.5 billion dollars if Congress accepts the president's requests.

The budget presented this Thursday is only a starting point in the negotiations between Biden and Congress, so it could undergo changes.

Source: EFE and AFP

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