President Joe Biden unveiled his budget proposal earlier in Philadelphia, the proposal aims to reduce Federal deficit by nearly $3 trillion over the next decade. The proposal focuses on four main areas.
First is increasing taxes on the wealthy and corporations. He calls for a 25 percent minimum tax on households earning more than 100 million dollars. The plan would also nearly double the capital gains tax rates.
Second is Lowering Costs for Families. The plan proposes lowering health-care and prescription-drug costs. the budget invests $150 billion Over a 10-year period, to improve and expand Medicaid home and community-based programs.
Third The budget includes roughly $650 million for American manufacturing expansion. It also contains nearly $21 billion in discretionary spending for CHIPS and Science Act-authorized activities, with the goal of increasing investments in innovation and cutting-edge research.
And finally, The president’s budget proposal also invests $4.5 billion in clean energy across the country.
Garrett Watson, Senior Policy Analyst at the Tax Foundation, gives his analysis.