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President Joe Biden has unveiled a $7.3 trillion spending plan for the 2025 fiscal year, which includes raising corporate income tax rates, increasing tax rates for those earning over $400,000, forcing those with wealth of $100 million to pay at least 25% of their income in taxes, and allowing the government to negotiate to bring more drug costs down.
Although Biden's budget has no chance to pass the Republican-controlled House, it sets priorities for his 2024 election campaign against Donald Trump.
Although Biden's budget has no chance to pass the Republican-controlled House, it sets priorities for his 2024 election campaign against Donald Trump.
The government would spend $7.3 trillion next fiscal year and borrow $1.8 trillion to cover the shortfall from tax receipts.
According to the Congressional Budget Office, in 2024 the U.S. will pass a grim and once-unimaginable milestone. By 2034, the federal debt will exceed $50 trillion.