President Joe Biden is set to release his $6.9 trillion budget for fiscal year 2024 that calls for significant tax increases for wealthy and corporations, cost-cutting measures for families, and more investment in American manufacturing and technology.
Biden will unveil his budget proposal on Thursday afternoon at a union hall in northeast Philadelphia, in what is anticipated to be a campaign-style event.
According to a fact sheet released by the White House ahead of the event, the president’s budget will focus on four major areas.
Increasing Taxes on Wealthy and Corporates
Biden’s budget proposal would reduce the federal deficit by nearly $3 trillion over the next decade, a far more ambitious plan than the $1 trillion deficit reduction proposed by the president last year….