Saturday, June 3, 2023

Increase taxes on the rich and invest in social programs: A proposal by Biden in the US

President Biden’s decision has generated questions from his opponents in the US, who have labeled him “extreme left”. They also accuse him of “spending too much.”

The President of the United States, Joe Biden, presented his proposed budget for 2024 on Thursday, which aims to win the working class with tax increases for the rich and more money in social programs.

The project has generated some controversies and questions from opponents who accuse him of “excessive gifts” and of not turning away. They called their plan “extreme left”.

The president presented details of his proposed budget, whose approval is pending in Congress, in a fiery speech at the Union Hall in Philadelphia, Pennsylvania.

“My budget is to invest in the United States in the United States, in those places and people that are forgotten,” Biden exclaimed in a scene where messages such as “Invest in the US” and “Strong Unions” could be seen in the background. .

The president promised his aides that he would continue to fight for them and said that “there is still” work to be done.

The party budget is a reflection of the political priorities of Biden, who has not yet officially announced his re-election campaign in the 2024 presidential election, but is expected to in the coming months.

Biden wants to raise taxes on the wealthiest

The main idea of ​​the text is to increase taxes on the rich and limit subsidies to energy, pharmaceutical and crypto-current companies with greater social spending, while reducing the public deficit by three trillion dollars over the next decade.

Biden aims to raise 4,700 trillion dollars with higher taxes, to increase the tax on those who earned more than 400,000 million dollars a year, in the same way that the tax reform was approved in 2017 under the administration of Donald Trump (2017 -2021).

In his budget proposal, the president asks Congress for 6.8 trillion dollars, 0.6 trillion more than the 6.2 trillion that the US Legislature approved last year.

Biden’s proposal collects more than 1 trillion dollars for housing assistance, for the Medicaid health program for people with low resources and for investment in the education of children, making 4 million children under the age of four in the USA able to go to school. Book.

The president also wants to raise enough funds so that the Medicare health care system for people over the age of 65 can stay for another 25 years.

In addition, the fund seeks to reduce the cost of drugs, increase college tuition and return a tax credit that would give each family $3,600 per year, a measure that is very popular with Americans and currently stands at $2,000 per child.

Most of the text is dedicated to these social programs, although there are also sections dedicated to foreign affairs with a particular focus on China and the war in Ukraine.


The approval of the proposed fiscal year 2024 (from October 1, 2023 to September 30, 2024) is usually seen as the beginning of negotiations between the President and Congress, the only body with the authority to approve the budget.

The 182-page text has already been rejected by Republican House Speaker Kevin McCarthy, who in a statement called Biden’s proposal to invest in social programs “far left.”

Republicans have accused Biden of excessive spending and have threatened for months to suspend the debt ceiling, which would cause the United States to default on its national debt for the first time in its history.

In January, the United States debt level reached 31.4 trillion dollars and the Government estimates that it will run out of money to pay the debts between July and September.

In his budget, Biden did not make any of the cuts that Republicans requested and also increased funding for many social programs.

Nation World News Desk
Nation World News Desk
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