President Joe Biden will deliver remarks in Philadelphia, touting his new White House budget plan. As The Washington Post reported, it is, by any measure, an ambitious governing document.
The White House revived calls for an aggressive transformation of the economy paid for by massive new taxes on corporations and the wealthiest Americans in its 2024 budget proposal on Thursday, likely previewing President Biden’s reelection campaign — and directly challenging Republicans as the government draws closer to what could be a catastrophic default on the national debt. The president’s budget calls for paring back the deficit over the next decade while also spending more than $2 trillion on dozens of new domestic policy initiatives, paid for by raising more than $4.5 trillion in new revenue primarily through hefty tax hikes on high earners and large corporations.
It’s no secret that the budget plan, in the wake of the 2022 midterm elections, will not be widely embraced on Capitol Hill. In fact, House Republicans will very likely ignore it.
But that doesn’t make the document irrelevant.
Biden and his team set out to put together a credible package that sharply reduces the deficit — ostensibly a GOP goal — while investing in the economy, protecting social insurance programs, and leaving tax rates untouched for Americans making less than $400,000 a year. As the newly unveiled budget blueprint shows, the White House succeeded with a plan most Democrats are going to like.
The president makes sure his vision is paid for by rolling back ineffective Trump-era tax breaks for the wealthy, along with a new minimum tax on billionaires, an increased tax on stock buybacks, and the restoration of a 28% corporate tax rate.
White House budgets are supposed to provide us with a sense of the president’s governing vision, and by any fair measure, this document does that, whether it’ll be taken seriously in the GOP-led House or not.
But just as important is the degree to which…
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