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His proposal aims at reducing the deficit by nearly US$3 trillion over the next decade "by making the wealthy and big corporations pay their fair share."
On Thursday, U.S. President Joe Biden announced his budget proposal for the next fiscal year. The 182-page proposal projected the federal government's spending of US$6.9 trillion throughout fiscal year 2024, starting on Oct. 1, 2023, and ending on Sept. 30, 2024.
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Biden said his budget plan aims at reducing the deficit by nearly US$3 trillion over the next decade "by making the wealthy and big corporations pay their fair share."
"We propose a billionaire minimum tax, requiring the wealthiest Americans to pay at least 25 percent on all of their income, including appreciated assets," he said in a written message to Congress.
Kevin McCarthy, speaker of the U.S. House of Representatives controlled by Republicans, responded on Thursday that he thinks Biden's budget request "is completely unserious."
"He proposes trillions in new taxes that you and your family will pay directly or through higher costs. Mr. President: Washington has a spending problem, NOT a revenue problem," McCarthy tweeted.
Under Biden's budget proposal, the Pentagon's spending would surge to US$842 billion in fiscal 2024, a US$26-billion or 3.2-percent increase from the 2023 enacted level.
2/ For comparison, the fiscal 2023 #US defense budget authorizes $858 billion in #military spending. Although China is second to the US in military spending, its budget is dwarfed by that of the US.
— Business Basics (@businessbasiics) March 5, 2023
It goes to show the sheer astronomical scale of the US' expenditure. pic.twitter.com/MGYjveONgB
The U.S. has been heavily criticized for hefty spending on military activities. The National Defense Authorization Act for fiscal year 2023 allocated nearly US$817 billion to the Pentagon.
Andrew Lautz, director of federal policy for the National Taxpayers Union and National Taxpayers Union Foundation (NTUF), wrote on Thursday that the NTUF is skeptical of the 2024 Biden defense budget request, and believes that "all taxpayers should be too."
Hundreds of Americans attended a rally in Washington, D.C. last month to protest against massive money funneling into Ukraine, as well as the role of the U.S. in the Ukrainian conflict.
"The United States is playing way too much on the military," Scholz-Karabakakis, a protester from Vermont, said, while he accused Washington of "expanding outwards to the borders" of other countries and "creating anxiety, fear around the world."
The executive director of the United Nations Children's Fund (UNICEF), Catherine Russell, denounced the devastating impact on the mental health and well-being of children left by the conflict in Ukraine. pic.twitter.com/jPaAde8jmE
— teleSUR English (@telesurenglish) February 23, 2023
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