In essence, it tries to tell voters what a diverse and at times fractured Democratic Party stands for ahead of the midterm elections that could decide whether Congress remains under the party's control.
The higher taxes outlined on Monday would raise $361 billion in revenue over 10 years and apply to the top 0.01% of households. The proposal lists another $1.4 trillion in revenue raised over the next decade through other tax increases that are meant to preserve Biden's pledge to not hike taxes on people earning less than $400,000.
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. But like most presidential budgets, it's a proposal and a set of ideals rather than the law of the land. Congress is responsible for implementing the budget through tax and spending legislation and annual agency funding.
On the tax front, it's unclear how Biden would get his polices through Congress. He had previously negotiated down the proposed 28% corporate tax rate, and his new minimum tax on the ultra wealthy would include "unrealized gains," which are potential profits that exist on paper because the underlying asset has yet to be sold.
The route proposal is a ambitious one, right to tax unrealized gains, some level it's going in my view that is going to take time for Congress to sort of digest politically intellectually, you know, it's gonna take time it's complicated stuff. So I think that is kind of like a slow burn kind of proposal. Like let's continue to have this conversation over months maybe years.