Biden proposes $2.5 trillion in tax increases as part of budget request
President Biden made a renewed push on Monday to galvanize congressional Democrats to overhaul the nation’s tax code and dramatically raise rates on corporations and ultra-wealthy Americans.
The president laid out the tax hikes as part of his $5.8 trillion budget blueprint for federal spending in fiscal 2023, which begins in October. Under his proposal, taxes would rise by $2.5 trillion, marking the largest increase in history in dollar terms. The deficit would be $1.15 trillion.
The higher taxes would largely be borne by Wall Street and the top sliver of U.S. households, in the form of a steeper corporate rate, a modified wealth tax and a global minimum tax.
“We are reducing the Trump deficits and returning our fiscal house to order,” Biden said at the White House on Monday, referring to the widening spending gap under former President Donald Trump. He said the budget “makes prudent investment and economic growth, a more equitable economy, while making sure corporations and the very wealthy pay their fair share.”