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Tuesday May 24, 2022

All you need to know about Biden’s budget proposal – Indy News

Joe Biden on Monday unveiled his 8 5.8 trillion budget for fiscal year 2023.

Here’s what you need to know about it.

The budget includes significant funding for the police, calls for more defense spending, and demands a new minimum tax targeting the rich.

In particular, the budget provides $ 3.2 billion in prudent funding for state and local grants, as well as $ 30 billion in mandatory funding to “support law enforcement, crime prevention, and intervention in community violence.”

It also proposed increasing the capacity of federal law enforcement agencies, such as the FBI and the US Martial Services, to fight violent crime across the country.

When it comes to taxing the rich, Biden wants Congress to pass legislation that would require the richest 0.01 percent of Americans to pay at least 20 percent of their total income, including unrealistic investment income. Epoch Times Report.

According to the White House, Biden’s “Billionaire Minimum Income Tax” will make the US tax code more equitable, as well as reduce the $ 360 billion deficit over the next decade.

The 77 773 billion proposal for the Department of Defense in the budget also focuses on “addressing the global threat.”

“In order to sustain and strengthen resistance, the budget prioritizes China as a departmental challenge,” the White House said.

This includes approximately 8 1.8 billion for the State Department and USAID to support a “free and open, connected, secure and resilient Indo-Pacific region and Indo-Pacific strategy”, as well as “$ 400 million for the fight against the People’s Republic.” China Malain Influence Fund.

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