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Biden’s $5.8 Trillion Budget Would Hike Taxes on the Wealthiest

  • Proposal for 2023 fiscal year faces major rewrite in Congress
  • White House touts one of biggest defense increases ever
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Biden's $5.8 Trillion Budget Includes New Taxes on Rich
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President Joe Biden unveiled a $5.8 trillion budget request designed to appease moderate Democrats on Monday, with a proposal that emphasized deficit reduction, additional funding for police and veterans, and flexibility to negotiate new social spending programs.

Congress historically sets presidential budgets aside, and razor-thin Democratic majorities mean most proposals stand a slim chance of passing -- but they do form a key messaging device. The White House included measures that would add up to the biggest tax increase in history in dollar terms, helping stabilize deficits relative to the size of the economy.