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White House announces President Biden’s $5.8 trillion 2023 budget plan

Paul Murdoch

WASHINGTON, DC - MARCH 28: U.S. President Joe Biden speaks alongside Director of the Office of Management and Budget Shalanda Young as he introduces his budget request for fiscal year 2023 in the State Dining Room of the White House on March 28, 2022 in Washington, DC. President Biden's $5.8 trillion budget request includes money for domestic investments, public safety and domestic and international security. (Photo by Anna Moneymaker/Getty Images)

President Joe Biden sent Congress his priority tax and spending requests for the 2023 fiscal year on Monday, outlining a proposal to spend $5.8 trillion while aiming to reduce deficits and raise taxes on the wealthy.

Biden’s non-binding proposal would include roughly $31 billion in new defense spending, bringing total national defense spending to $813 billion; over $32 billion in new spending for the Justice Department and state and local law enforcement; and roughly $10.6 billion for global health security. 

The plan also seeks to raise the corporate tax rate from 21% to 28%, and would require American households worth more than $100 million to pay a 20% or higher tax rate on their income as well as unrealized gains in the value of their liquid assets, which are typically only taxed when sold.

The plan seeks to use higher taxes on corporations and wealthy people to help reduce the nation’s budget deficit by $1 trillion over the 10 years.

In a statement, Biden said the plan represents an “unprecedented commitment to building an economy where everyone has a chance to succeed.”

“The wealthy and corporations will finally begin to pay their fair share,” Biden said during his address. “Budgets are statements of values,” Biden said in a statement.

“… the budget I am releasing today sends a clear message that we value fiscal responsibility, safety and security at home and around the world, and the investments needed to continue our equitable growth and build a better America.” Biden went onto say.

ARTICLE: PAUL MURDOCH 

MANAGING EDITOR: CARSON CHOATE

PHOTO CREDITS: SCIENCE.ORG

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Paul Murdoch

Paul, 37, is from Scotland in the UK, but currently lives and works in Bangkok. Paul has worked in different industries such as telemarketing, retail, hospitality, farming, insurance, and teaching, where he works now. He teaches at an all-girls High School in Bangkok. “It’s a lot of work, but I love my job.” Paul has an active interest in politics. His reason for writing for FBA is to offer people the facts and allow them to make up their own minds. Whilst he believes opinion columns have their place, it is also important that people can have accurate news with no bias.
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