When he developed his budget, the president stressed economic restraint, presenting Republicans as unconcerned about getting the country's finances in order. Republicans have argued Biden's plan is insufficient, but they have not published their own plans.
Biden frequently talks about making companies and the wealthy "pay their fair share," and the budget is designed to further that goal.
The president wants a 25% tax on the richest 0.01% of Americans. The White House calls this a "minimum tax on billionaires." The idea is designed to extract more revenue from income that isn't derived from salaries, ending what the administration describes as "special treatment" and "giant loopholes."
Mar 14, 2023