Biden's budget plan: Higher taxes on rich, lower deficits

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President Biden's proposed $5.8 trillion budget includes higher taxes on the wealthy and more money for police.

The 156-page plan also shows the splinters that persist in Biden’s coalition and the possible gaps between the promises of what is being offered and the realities of what ultimately emerges. Biden has backed many of these ideas previously without necessarily getting a full buy-in from Congress.

More money would go to support law enforcement, yet bipartisan efforts at police reform have failed. The budget assumes — with a high degree of uncertainty based on forecasts made last November — that inflation at a 40-year peak gets back to normal next year. It’s a midterm elections pitch to a nation still off balance from a chaotic few years caused by the pandemic, an economic recession, a recovery, challenges to U.S. democracy, and war in Ukraine. The Biden budget foresees cutting annual deficits by more than $1 trillion over the next decade. Those reductions would occur in large part through higher taxes and the expiration of relief spending tied to the coronavirus outbreak that began in 2020.

 

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Thank you Mr. Present for not being like Trump , America needed someone like you to get America back to where it was before Trump and Russia divided and separated it , Trump wanted all his wealth buddies to have the tax breaks , and let the lower class pay more 👍🇺🇸 Trump 👎🖕

Sure , must be an election coming up . This will never happen .

Of course wealthy is anyone who makes more than 75K

I don't mind funding of police, but there needs to be common sense training like for use of guns, mental health, control of force, save lives- not take lives, (no disrespect) impartial justice, being color blind, not being prejudice and the list goes on.

NLAWs and Javelins for cops? I’m sure he’ll get around to healthcare pretty soon.

Define Wealthy, what is the earnings per year number which defines wealthy.

Before you start defending 'poor' billionaires who are paying too much taxes, consider few facts: - world gained 5.2m millionaires in one year of Covid; - America's billionaires saw their collective fortunes soar 70% to over $5 trillion during pandemic

Meanwhile gas and grocery prices are high as hell. We are headed for a food shortage and inflation ain’t stopping. Yup sounds like y’all got it together 🤦🏾‍♀️

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