Biden’s Budget Cuts Nearly $3 Trillion From The Federal Deficit
President Joe Biden released a budget proposal to cut the federal government’s deficit by nearly $3 trillion over ten years. The administration previously set a $2 trillion deficit reduction target. The proposal seeks to raise taxes on high-income earners – families earning over $400,000 annually. He also proposed an increased tax on corporate profits. The proposal does not include cuts to spending for programs like Medicare, Medicaid or Social Security. “It proposes tax reforms to ensure the wealthy and large corporations pay their fair share while cutting wasteful spending on special interes...