US President Joseph Biden has proposed a $7.3 trillion budget, which includes significant tax increases for corporations and high earners.
Biden wants to help reduce the federal deficit and pay for new programs to help low-income earners cope with the high costs of housing and childcare.
The budget for fiscal year 2025, which begins in October, includes raising the corporate tax rate to 28 percent from 21 percent, raising the tax rate for those earning more than $400,000 a year, and those with a fortune of $100 million would pay a tax of at least 25 percent of income.
In addition, the administration wants to negotiate lower prices for more drugs.
The administration would reinstate the low- and middle-income child tax credit, fund child care programs, direct $258 billion to build homes, provide paid family leave for workers and spend billions on violent crime prevention and law enforcement.
The goal of the budget is to reduce the annual spending deficit by three trillion dollars over ten years, which would slow the growth of the national debt, but not stop it from the current level of $34.5 billion.
Biden also repeated the request for funding for border security, Israel, Ukraine, Taiwan and other matters related to national security.
These initiatives have been stalled for months, as Republicans control Congress, Beta news agency writes.
