Biden unveils $7.3 trillion budget as campaign pitch for spending, tax goals
By Trevor Hunnicutt and David Lawder
WASHINGTON (Reuters) -President Joe Biden sketched his policy vision for the United States on Monday, unveiling a $7.3 trillion spending wish list that is as much an election-year pitch to voters as a policy proposal.
Biden wants to sharply raise taxes on corporations and high earners in his second four-year term, the document showed, to help cut the federal deficit and pay for new programs to assist those who make less cope with high housing and child care costs.
Biden's budget for the 2025 fiscal year that starts in October includes raising the corporate income tax rate to 28 from 21%, hiking rates on people making over $400,000, forcing those with wealth of $100 million to pay at least 25% of their income in taxes, and letting the government negotiate to bring more drug costs down.
Meanwhile, the government would bring back a child tax credit for low- and middle-income earners, fund childcare programs, funnel $258 billion to building homes, provide paid family leave for workers, and spends billions on violent crime prevention and law enforcement.
It promises to cut annual deficit spending by $3 trillion over 10 years, slowing but not halting the growth of the $34.5 trillion national debt. Deficits would total $1.8 trillion in the 2025 fiscal year, or 6.1% of GDP, before falling to under 4% over the decade, the White House forecast.
Biden also renewed his demand for funding on border security, Israel, Ukraine, Taiwan and other national security issues that has been stalled by Republican congressional leadership for months.
The budget was released days after the Democrat's State of the Union address, where he sharply assailed the values of his expected Republican opponent in
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