WASHINGTON, D.C. (NBC) – The Biden administration has unveiled its proposed 2023 budget.
The president talked about some of the proposal’s details in a press conference Monday.
In the budget is a new tax provision targeting billionaires, a plan to reduce the federal deficit by more than $1 trillion over the next decade, billions for NATO and the effort to counter Russian aggression, and increased funding for local police departments.
Biden said, “Right now, billionaires pay an average rate of 8% of their total income. 8%… that’s the average they pay. Now, I’m a capitalist, but just if you can make a million bucks, that’s great. Just pay your fair share, pay a little bit. A firefighter and a teacher pay more than double, double the tax rate of a billionaire. That’s not right. That’s not fair, and my budget contains a billionaire minimum tax because of that.”
The budget is more or less a wish list.
Normally Congress takes the president’s recommendations and crafts their own budget.
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