The recipe is simple: higher taxes for the super richto ensure longer health care for the most vulnerable Americans.
US President Joe Biden presented his budget project for 2024 in Philadelphia – a proposal that will go to Congress. She is ambitious and coherent to her supporters, to her demagogic critics. The White House that published the budget plans on your websiteproposes three main interventions.
Taxes: Higher taxes for billionaires and financial investors
The US government is proposing to raise the top tax rate for those earning more than $400,000 a year. In the United States, there are about 3 million people. In addition, the President has proposed one for the richest 0.01% of the population minimum tax by 25%. This is anyone who makes at least $100 million a year. Finally, it is proposed to increase the tax burden from 20% to 28%. capital gainie financial income.
welfare
The 2024 budget proposal aims to ensure the financial sustainability of the Medicare public support program for another 25 years, Federal health insurance that insures people who have reached the age of 65 or who meet other special requirements.
Reduction of the federal deficit
The Biden administration has made cutting the budget deficit its priority. In January, the government officially surpassed the $31 trillion legal debt ceiling. The proposal slashes budget spending by 3 trillion over 10 years. The budget proposal must pass the voting test in Congress, where Republicans control the House of Representatives. But with whom does Biden expect to be able to deal with significant spending cuts?
New billions for Ukraine
The 2024 package also includes an additional $6 billion in support for Ukraine. This number would bring the total resources for Kiev to over $80 billion since the start of the Russian invasion. The figure takes into account humanitarian, financial and military aid.
Biden presents his budget plan on 03/10/23
The Republican Challenge and the Race to 2024
The budget proposal only appears to be limited to the economic terrain. THE American media also read it as running the gauntlet of the Republican Party. Now he actually has to pass the test of voting in Congress. According to media reports, the Democrat Biden wants to meet the Republican majority in the House of Representatives with generous cuts in public spending. But Republican House Speaker Kevin McCarthy has already branded the plan “wasteful and unreliable” and accused the president of “proposing trillions of new taxes that families will pay directly or through higher bills.” For many observers, Biden’s budget project is also an electoral program. Although the president has yet to formalize his reappointment, he is indeed aiming to run for a new mandate in the 2024 election.