President Joe Biden unveiled record spending and several new tax increases on Thursday in his budget proposal for fiscal year 2024.
The suggested $6.9 trillion for the federal government’s operations between October 1, 2023, and September 30, 2024, would mark a $1.1 trillion increase from the $5.8 trillion proposed by the commander-in-chief for the previous fiscal year. House Republicans are expected to reject the proposal and counter with a budget of their own.
“This year’s budget cuts the deficit by nearly $3 trillion over the next decade by asking the wealthy and big corporations to begin to pay their fair share,” Office of Management and Budget Director Shalanda Young said in a statement. “It does this in part by reforming our tax code to reward work, not wealth, including by ensuring that no billionaire pays a lower tax rate than a teacher or a firefighter, and by quadrupling the tax on corporate stock buybacks.”
The budget proposal is indeed marked by a number of tax…
