WASHINGTON—President Joe Biden released his $5.8 trillion budget for fiscal year 2023 on Monday, including significant funding for the police, in an effort to set himself apart from progressives in his party who have advocated for defunding the police. Biden also called for more defense spending and a new minimum tax targeting the rich.
Biden’s budget allocates $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,” according to the White House.
There will be more community police officers on the streets across the country under this plan, the White House stated. It also proposes to increase the capacity of federal law enforcement agencies like the FBI and U.S. Marshals Service to fight violent crime.
Tax on Ultra-Rich
As part of his 2023 budget, Biden is also asking Congress to pass legislation that requires the richest American families to pay a minimum of 20 percent on all of their income, including unrealized investment income.
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 10 years, according to the White House.
Only the wealthiest 0.01 percent of American households (those worth more than $100 million) will be subject to the tax, according to the plan. Households earning more than $1 billion will account for over half of the revenue, the White House stated in a fact sheet.
If a wealthy family already pays 20 percent on their total income (standard taxable income and unrealized income), they will not be subject to any additional taxes under the proposal. If a rich household’s tax-free unrealized income permits them to pay less than 20 percent on their whole income, however, they will need a top-up payment to reach the 20 percent threshold.
The budget also focuses on “confronting global threats,” proposing $773 billion for the Department of Defense, compared to $728.5 billion provided in discretionary spending in 2022.
“To sustain and strengthen deterrence, the Budget prioritizes China as the Department’s pacing challenge,” the White House document said.
The Budget 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.”
“I’m calling for one of the largest investments in our national security in history, with the funds needed to ensure that our military remains the best-prepared, best-trained, best-equipped military in the world,” Biden said in a statement.
In addition, Biden’s advocating for continued investment to “forcefully respond” to Putin’s actions against Ukraine by providing economic, humanitarian, and security assistance to Kiev. The budget allocates roughly $682 million in aid to Ukraine.
Biden’s budget proposal is mostly a wish list as the twelve appropriations bills that fund the government are ultimately passed by Congress. Hence, the president’s budget mainly serves as a messaging tool for the administration.
According to the White House, Biden’s budget plan would reduce the federal deficit by more than $1 trillion over the next decade.
From The Epoch Times