Biden's new budget proposal increases spending on the military and social programs

President Joe Biden unveiled his proposed budget to Congress today. With Republicans in control of the House, there's no chance that President Joe Biden's new budget plan will become law as it stands. Instead, the financial blueprint that he announced Thursday in Philadelphia will serve as a political talking point for a president preparing to run for reelection.

“I just laid out the bulk of my budget,” Biden said during a stop at a union training center. “Republicans in Congress should do the same thing. Then we can sit down and see where we disagree.”

Many of the key proposals are designed to draw sharp contrasts with Republicans.

Some of the highlights of Biden's plan:

BIDEN EMPHASIZES FISCAL RESPONSIBILITY
Biden’s budget covers the next 10 years. Overall, he expects an additional $4.7 trillion in tax revenues and $800 billion in savings from making changes to government programs. Biden also wants $2.6 trillion in new spending. That leaves him with an estimated $2.9 trillion reduction in the deficit.

The president emphasized fiscal responsibility as he prepared his budget, portraying Republicans as not being serious about getting the country's finances in order. Republicans have said Biden's plan doesn't go far enough, but they haven't released proposals of their own.

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MINIMUM TAX ON BILLIONAIRES
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.”

Biden also wants to roll back tax breaks enacted under his predecessor, former President Donald Trump. For example, people making more than $400,000 a year would once again face a top tax rate of 39.6%.

The budget proposal would also close the “carried interest” loophole that allows wealthy hedge fund managers and others to pay their taxes at a lower rate.

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MEDICARE FUNDING BOOSTED
A key trust fund that funds Medicare, which provides health care to older adults, is on track to become insolvent in about five years, meaning it would be unable to fully cover the cost of benefits. The White House says Biden's plan would push that date back to the 2050s.

EYES ON CHINA
Some of the budget is designed to help Biden's effort to steer U.S. foreign policy to confront China's rising influence.

The Pentagon would receive $842 billion, which includes money to modernize the U.S. nuclear arsenal. There's also a proposed 5.2% proposed pay increase for troops, designed to help the military boost its lagging recruitment.

In addition, the budget would allocate $7.1 billion to renew agreements with three Pacific Island nations that the Chinese have been wooing. The amount includes $6.5 billion over 20 years to the Marshall Islands, Micronesia and Palau, plus an additional $634 million to maintain U.S. Postal Service operations there.

Under “Compact of Free Association” agreements with the three, the U.S. provides the islands with an array of services that range from weather forecasting to disaster management, air traffic control and mail delivery.

[Amir-zxxh]

Corporations just pass it on to consumers.Working class in the end pays for everything.

[ericschryver]

Let me get this straight... his "plan" is to tax 5 trillion, spend 6.8 trillion, and we'll save 2.9 trillion?

[josephrichter]

Just what we need more funding for bloated programs where the bureaucracy absorbs the funding

[barbarafogle]

But social programs mean nothing if our young are dead in wars and the old are unsafe in their own countries.

[dreyko]

Speaking as a veteran, the military DOES NOT need more funding.

[tablespoon]

They are not entitlement programs..we pay into those

[Blaccsparrow]

He sounds drunk after he sounds garuntee it. Get him out of there

[Ministry-Of-Truth]

What happened to the nearly 5 trillion dollars he spent just last year alone?

[gaylonknell]

How come after that speech I feel like I am going to be raped, lied to and stuffed

[billymadison]

How about we cut spending and I mean that for both damn parties

[Deltron]

Military Industrial Complex always wins!

[naseb]

The military spending is already $1 TRILLION, what do you mean increase it??

Edit: It’s actually 1.73 Trillion dollars…wow!!! Even worse!!

[Sol_Stardust]

Can someone tell me what Joe has done for America?

[garymcmillan]

When he said he had a fight with last president and maybe next president I lost it 🤣🤣🤣🤣🤣🤣

[Hateeveryoneallthetime]

“High, I will continue to destroy America.”

[Chickenlegs]

They just spent over 7 trillion in less than 4 years

[jmjfanss]

This bill is gonna be dead in the water.

[kevinblakemore]

I can’t wait till the clown show is over.

[markjoslin]

How about not sending $$$ overseas? Keep the billions here and put our country first. But it’s harder to skim your 10% when the money is here isn’t it?

[DrBrule-htms]

Print nonexistent money, ass-blast the taxpayer, blame the previous guy. Rinse and repeat for every president