While talks between President Joe Biden and House Speaker Kevin McCarthy (R-Calif.) about spending cuts as a condition for increasing the debt ceiling remain at a stalemate, House Republicans and Democrats are divided in their viewpoints about Biden’s fiscal year 2024 federal budget proposal.
On March 23, Office of Management and Budget Director Shalanda Young testified before the House Budget Committee and defended the president’s $6.9 million budget plan that calls for multiple tax increases.
Among the hikes include elevating the corporate tax rate from 21 percent to 28 percent, raising capital gains taxes on incomes of more than $1 million from 20 percent to 39.6 percent, and increasing the top income tax rate from 37 percent to 39.6 percent for Americans earning more than $400,000 a year….