{"id":1873111,"date":"2023-03-09T15:11:14","date_gmt":"2023-03-09T20:11:14","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bidens-budget-plan-would-raise-taxes-cut-deficit-by-3-trillion-invest-in-manufacturing\/"},"modified":"2023-03-09T15:29:11","modified_gmt":"2023-03-09T20:29:11","slug":"bidens-budget-plan-would-raise-taxes-cut-deficit-by-3-trillion-invest-in-manufacturing","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bidens-budget-plan-would-raise-taxes-cut-deficit-by-3-trillion-invest-in-manufacturing\/","title":{"rendered":"Biden\u2019s Budget Plan Would Raise Taxes, Cut Deficit by $3 Trillion, Invest in Manufacturing"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">28<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fbidens-budget-plan-would-raise-taxes-cut-deficit-by-3-trillion-invest-in-manufacturing%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1873111&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47-->\n<div>\n<p>Joe Biden, President of the United States, will release his <a href=\"https:\/\/www.whitehouse.gov\/wp-content\/uploads\/2023\/03\/budget_fy2024.pdf\" target=\"_blank\" rel=\"noopener\">$6.9 trillion budget<\/a> For fiscal year 2024, this calls for substantial tax increases for corporations and wealthy individuals, as well as cost-cutting measures to help families and increase investment in American manufacturing.<\/p>\n<p>Biden will present his budget proposal at a northeast Philadelphia union hall on Thursday, and it is expected to be campaign-style.<\/p>\n<p>The White House released a factsheet ahead of the event that stated the President&#8217;s Budget will be focused on four areas.<\/p>\n<h3>Increased taxes on corporates and wealth<\/h3>\n<p>Biden&#8217;s budget proposal for the future would cut the federal deficit by almost $3 trillion over 10 years. This is far better than last year&#8217;s 1 trillion deficit reduction.<\/p>\n<p>To pay his spending plan, the president calls for higher taxes on corporations and ultra-rich. A minimum 25% tax for households with incomes over $100 million is what he calls for. The plan also seeks to repeal the tax cuts made by Donald Trump, partially repealing the highest individual and corporate rates.<\/p>\n<p>It also contains the following proposals: &#8220;reform the international tax system&#8221; The tax rate for foreign earnings of multinational U.S. companies has been raised to 21 percent, from 10.5 per cent.<\/p>\n<p>According to the blueprint, the White House proposes quadrupling the 1.5% tax on stock buybacks which went into effect January. &#8220;address the continued tax advantage for buybacks and encourage corporations to invest in productivity and the broader economy.&#8221;<\/p>\n<p>He proposes to decrease taxes and calls for higher oil and natural gas company profits. &#8220;wasteful spending on big pharma, big oil, and other special interests, combats fraud, and makes programs more efficient.&#8221;<\/p>\n<h3>Reduced costs for families<\/h3>\n<p>President Trump proposes to restore the Child Tax Credit. This credit was established as part of American Rescue Plan. The plan proposes that the credit be increased to $2,000 to $3,000 per year for children 6 and over, and $3,600 for those under 6. In the budget, credit would be permanent reformated to become fully refundable.<\/p>\n<p>It proposes to reduce prescription-drug and health-care expenses. The budget will invest $150 billion over a period of 10 years to expand and improve Medicaid home- and community-based programs. The budget also includes $59 billion of mandatory funding as well as tax incentives that aim to increase the availability of affordable housing for all income levels.<\/p>\n<p>&#8220;We&#8217;ve been encouraged by the recent slowdown in inflation, but we know there&#8217;s more work to do,&#8221; Shalanda, the director of Office of Management and Budget told journalists during a conference call on Thursday. &#8220;Families need a little breathing room, and that&#8217;s why the budget includes proposals to bring down the cost of everyday necessities and lowers healthcare costs.&#8221;<\/p>\n<p>Biden, as previously mentioned, is also increasing the solvency of Medicare trust funds by at least 25 year without any reductions in benefits.<\/p>\n<h3>America Investments<\/h3>\n<p>It includes $652 million to support American manufacturing growth. The budget also includes nearly $21 Billion in discretionary expenditure for CHIPS, Science Act-authorized activities and other initiatives with the aim of increasing investment in innovation and cutting edge research.<\/p>\n<p>This budget will invest in the workforce in order to fill the skill gap. It will also fund apprenticeships and other career training programs.<\/p>\n<p>In addition, the president requests mandatory and discretionary resources in order to be competitive with China in economic and other areas. This is part of an effort to increase the US&#8217;s role in the Indo-Pacific.<\/p>\n<h3>Equity, Clean Energy, and Investing<\/h3>\n<p>In addition to $4.5 Billion in clean energy, the president&#8217;s budget proposes creating jobs in urban and rural areas. The president proposes that it will make &#8220;historic investments&#8221; His climate agenda is being advanced through science and research.<\/p>\n<p>&#8220;The budget invests in reducing global warming pollution and achieving the president&#8217;s target to cut greenhouse gas emissions 50\u201352 percent by 2030,&#8221; The fact sheet says.<\/p>\n<p>Biden&#8217;s attempts to &#8220;advance equity and environmental justice&#8221; According to the factsheet, these are still top priorities.<\/p>\n<p>Most presidential budget proposals will be symbolic. Biden&#8217;s budget won&#8217;t gain any traction in Congress but serves as a start point for budget- and debt-ceiling negotiations with Republicans.<\/p>\n<\/p><\/div>\n<p> &#8230;..<\/p>\n<hr>\n<p> Continue reading more <a href=\"https:\/\/www.theepochtimes.com\/bidens-budget-plan-would-raise-taxes-cut-deficits-by-3-trillion-invest-in-america_5111257.html?utm_source=partner&#038;utm_campaign=conservnewsd\">Biden&#8217;s Budget Plan Would Raise Taxes, Cut Deficit by $3 Trillion, Invest in Manufacturing<\/a>&#8220;<\/p>\n<hr>\n<p><span style=\"font-size:11px\"><em>&#8220;The views and opinions expressed here are solely those of the author of the article and not necessarily shared or endorsed by Conservative News Daily&#8221;<\/em><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Joe Biden, President of the United States, will release his $6.9 trillion budget For fiscal year 2024, this calls for substantial tax increases for corporations and wealthy individuals, as well as cost-cutting measures to help families and increase investment in American manufacturing. Biden will present his budget proposal at a northeast Philadelphia union hall on &hellip;<\/p>\n","protected":false},"author":531,"featured_media":1895659,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[543],"tags":[3706,4463,9677,9647,10987,12169,4025,5283,10964,4408],"class_list":["post-1873111","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-epoch-times","tag-bidens","tag-budget","tag-cut","tag-deficit","tag-invest","tag-manufacturing","tag-plan","tag-raise","tag-taxes","tag-trillion"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1873111","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/531"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1873111"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1873111\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1895659"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1873111"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1873111"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1873111"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}