{"id":2130,"date":"2023-03-12T11:02:48","date_gmt":"2023-03-12T16:02:48","guid":{"rendered":"https:\/\/embarrdowns.com\/bidens-sweeping-budget-proposal-unveiled-no-chance-of-passing-congress\/"},"modified":"2023-03-12T11:02:48","modified_gmt":"2023-03-12T16:02:48","slug":"bidens-sweeping-budget-proposal-unveiled-no-chance-of-passing-congress","status":"publish","type":"post","link":"https:\/\/embarrdowns.com\/bidens-sweeping-budget-proposal-unveiled-no-chance-of-passing-congress\/","title":{"rendered":"Biden’s Sweeping Budget Proposal Unveiled – No Chance of Passing Congress"},"content":{"rendered":"

President Joe Biden unveiled his budget proposal on Thursday, a sweeping spending plan that includes higher taxes for corporations and wealthy individuals, an increase in defense spending, and an attempt to reduce the deficit by $3 trillion over a decade. Despite the high-profile rollout, the budget has no chance of passing Congress.[0]<\/a><\/sup><\/p>\n

The budget would raise the top income tax rate to 39.6% from 37% on single filers making more than $400,000 a year and married couples making more than $450,000 a year. Biden also proposed a 25 percent tax on the nation\u2019s wealthiest 0.01 percent of families, a minimum tax on billionaires, a quadrupling of the 1 percent tax on stock buybacks, and taxing capital gains at 39.6 percent for people with income of more than $1 million.[1]<\/a><\/sup> Furthermore, the budget calls for raising the Medicare tax rate for people earning more than $400,000 per year, and bringing down drug costs to keep the healthcare program solvent.[2]<\/a><\/sup><\/p>\n

For defense spending, Biden has asked Congress to allocate $842 billion to the Pentagon, representing a $26 billion increase compared with the current fiscal year and a hike of nearly $100 billion since fiscal year 2022.[3]<\/a><\/sup> The proposed budget also includes an increase to the stock buyback tax from 1 percent to 4 percent, and a 5.2 percent raise for military and civilian federal employees.<\/p>\n

Biden\u2019s budget proposal also includes an effort to \u201cprotect and strengthen\u201d Social Security and Medicare.[4]<\/a><\/sup> The plan would extend the solvency of the Medicare Trust Fund by at least 25 years, without removing benefits or raising costs.[5]<\/a><\/sup> An additional $1.4 billion is allocated to Social Security in order to enhance its services.[6]<\/a><\/sup><\/p>\n

However, the budget does not address Social Security\u2019s long-term financial health, and would still lead to deficits of at least $1.5 trillion in every year of the 10-year budget window. The White House estimates the budget would raise $4.7 trillion in revenue, for over $2.8 trillion in 10-year deficit reduction, but the Congressional Budget Office\u2019s analysis of the 10-year budget showed that since last May, the projected 10-year deficit has increased by $3.082 trillion.[7]<\/a><\/sup><\/p>\n

Under Biden\u2019s plan, debt as a share of the economy would reach 110 percent of GDP by 2033, meaning the U.S.<\/p>\n

0. <\/span>“Biden’s Budget Aims to Hit Republicans Where It Hurts” The New Republic, 10 Mar. 2023, https:\/\/newrepublic.com\/article\/171079\/bidens-budget-doomed-still-matters<\/a><\/a><\/p>\n

1. <\/span>“Biden\u2019s $5 trillion tax gambit catches Congress by surprise” The Hill, 12 Mar. 2023, https:\/\/thehill.com\/homenews\/administration\/3894747-bidens-5-trillion-tax-gambit-catches-congress-by-surprise\/<\/a><\/a><\/p>\n

2. <\/span>“Biden sets up for an election fight with his budget proposal” Al Jazeera English, 9 Mar. 2023, https:\/\/www.aljazeera.com\/economy\/2023\/3\/9\/biden-sets-up-for-an-election-era-fight-with-his-budget-proposal<\/a><\/a><\/p>\n

3. <\/span>“Biden’s $842B Pentagon Budget Proposal Would Boost New Weapons” Defense One, 9 Mar. 2023, https:\/\/www.defenseone.com\/policy\/2023\/03\/bidens-842b-pentagon-budget-proposal-would-boost-new-weapons\/383820\/<\/a><\/a><\/p>\n

4. <\/span>“Opinion | Biden Budget Refutes Itself on Social Security and Medicare” The Wall Street Journal, 10 Mar. 2023, https:\/\/www.wsj.com\/articles\/biden-budget-refutes-itself-on-social-security-and-medicare-trust-funds-general-revenue-entitlements-deficit-576f44dc<\/a><\/a><\/p>\n

5. <\/span>“Biden unveils \u2018blue-collar\u2019 budget plan with tax hikes for America\u2019s wealthiest” The Guardian US, 9 Mar. 2023, https:\/\/www.theguardian.com\/us-news\/2023\/mar\/09\/joe-biden-federal-budget-cutting-deficit<\/a><\/a><\/p>\n

6. <\/span>“Biden budget would cut deficit by $3 trillion over next decade with 25% minimum tax on richest Americans” CNBC, 9 Mar. 2023, https:\/\/www.cnbc.com\/2023\/03\/09\/biden-budget-would-cut-deficit-by-3-trillion-over-next-decade-with-25percent-minimum-tax-on-richest-americans.html<\/a><\/a><\/p>\n

7. <\/span>“White House blueprint would raise taxes, boost spending” Roll Call , 9 Mar. 2023, https:\/\/www.rollcall.com\/2023\/03\/09\/white-house-blueprint-would-raise-taxes-boost-spending<\/a><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

President Joe Biden unveiled his budget proposal on Thursday, a sweeping spending plan that includes higher taxes for corporations and wealthy individuals, an increase in defense spending, and an attempt to reduce the deficit by $3 trillion over a decade. Despite the high-profile rollout, the budget has no chance of passing Congress.[0]<\/a><\/sup><\/p>\n

The budget would raise the top income tax rate to 39.6% from 37% on single filers making more than $400,000 a year and married couples making more than $450,000 a year. Biden also proposed a 25 percent tax on the nation\u2019s wealthiest 0.01 percent of families, a minimum tax on billionaires, a quadrupling of the 1 percent tax on stock buybacks, and taxing capital gains at 39.6 percent for people with income of more than $1 million.[1]<\/a><\/sup> Furthermore, the budget calls for raising the Medicare tax rate for people earning more than $400,000 per year, and bringing down drug costs to keep the healthcare program solvent.[2]<\/a><\/sup><\/p>\n

For defense spending, Biden has asked Congress to allocate $842 billion to the Pentagon, representing a $26 billion increase compared with the current fiscal year and a hike of nearly $100 billion since fiscal year 2022.[3]<\/a><\/sup> The proposed budget also includes an increase to the stock buyback tax from 1 percent to 4 percent, and a 5.2 percent raise for military and civilian federal employees.<\/p>\n

Biden\u2019s budget proposal also includes an effort to \u201cprotect and strengthen\u201d Social Security and Medicare.[4]<\/a><\/sup> The plan would extend the solvency of the Medicare Trust Fund by at least 25 years, without removing benefits or raising costs.[5]<\/a><\/sup> An additional $1.4 billion is allocated to Social Security in order to enhance its services.[6]<\/a><\/sup><\/p>\n

However, the budget does not address Social Security\u2019s long-term financial health, and would still lead to deficits of at least $1.5 trillion in every year of the 10-year budget window. The White House estimates the budget would raise $4.7 trillion in revenue, for over $2.8 trillion in 10-year deficit reduction, but the Congressional Budget Office\u2019s analysis of the 10-year budget showed that since last May, the projected 10-year deficit has increased by $3.082 trillion.[7]<\/a><\/sup><\/p>\n

Under Biden\u2019s plan, debt as a share of the economy would reach 110 percent of GDP by 2033, meaning the U.S.<\/p>\n

0. <\/span>“Biden’s Budget Aims to Hit Republicans Where It Hurts” The New Republic, 10 Mar. 2023, https:\/\/newrepublic.com\/article\/171079\/bidens-budget-doomed-still-matters<\/a><\/a><\/p>\n

1. <\/span>“Biden\u2019s $5 trillion tax gambit catches Congress by surprise” The Hill, 12 Mar. 2023, https:\/\/thehill.com\/homenews\/administration\/3894747-bidens-5-trillion-tax-gambit-catches-congress-by-surprise\/<\/a><\/a><\/p>\n

2. <\/span>“Biden sets up for an election fight with his budget proposal” Al Jazeera English, 9 Mar. 2023, https:\/\/www.aljazeera.com\/economy\/2023\/3\/9\/biden-sets-up-for-an-election-era-fight-with-his-budget-proposal<\/a><\/a><\/p>\n

3. <\/span>“Biden’s $842B Pentagon Budget Proposal Would Boost New Weapons” Defense One, 9 Mar. 2023, https:\/\/www.defenseone.com\/policy\/2023\/03\/bidens-842b-pentagon-budget-proposal-would-boost-new-weapons\/383820\/<\/a><\/a><\/p>\n

4. <\/span>“Opinion | Biden Budget Refutes Itself on Social Security and Medicare” The Wall Street Journal, 10 Mar. 2023, https:\/\/www.wsj.com\/articles\/biden-budget-refutes-itself-on-social-security-and-medicare-trust-funds-general-revenue-entitlements-deficit-576f44dc<\/a><\/a><\/p>\n

5. <\/span>“Biden unveils \u2018blue-collar\u2019 budget plan with tax hikes for America\u2019s wealthiest” The Guardian US, 9 Mar. 2023, https:\/\/www.theguardian.com\/us-news\/2023\/mar\/09\/joe-biden-federal-budget-cutting-deficit<\/a><\/a><\/p>\n

6. <\/span>“Biden budget would cut deficit by $3 trillion over next decade with 25% minimum tax on richest Americans” CNBC, 9 Mar. 2023, https:\/\/www.cnbc.com\/2023\/03\/09\/biden-budget-would-cut-deficit-by-3-trillion-over-next-decade-with-25percent-minimum-tax-on-richest-americans.html<\/a><\/a><\/p>\n

7. <\/span>“White House blueprint would raise taxes, boost spending” Roll Call , 9 Mar. 2023, https:\/\/www.rollcall.com\/2023\/03\/09\/white-house-blueprint-would-raise-taxes-boost-spending<\/a><\/a><\/p>\n","protected":false},"author":3,"featured_media":2129,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[47],"tags":[],"_links":{"self":[{"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/posts\/2130"}],"collection":[{"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/comments?post=2130"}],"version-history":[{"count":0,"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/posts\/2130\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/media\/2129"}],"wp:attachment":[{"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/media?parent=2130"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/categories?post=2130"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/tags?post=2130"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}