On Monday, March 28, President Joe Biden released his 2023 budget proposal that includes significant tax hikes on the wealthy.
The $5.8 trillion proposal, a wish list of administration priorities, aims to reduce America’s growing deficit over the next ten years while raising military spending and aiding domestic programs.“Budgets are statements of values, and the budget I am releasing today sends a clear message that we value fiscal responsibility, safety and security at home and around the world, and the investments needed to continue our equitable growth and build a better America,” the President said in a statement.
“First, the budget is fiscally responsible. Thanks to the American Rescue Plan, the economy recovered faster in 2021 than expected. Revenues are up,” Young asserted. “And we’ve seen that strategy pay off. In 2021, we created more than 6.5 million jobs — the most our country has ever recorded in a single year,” Young continued. “Our economy grew at 5.7 percent — the strongest growth in nearly 40 years. And the unemployment rate has fallen to 3.8 percent — the fastest decline in recorded history. The budget outlines the President’s vision to expand this progress.
It also provides billions in funding for law enforcement, including $30 billion for state and local law enforcement, crime prevention, and community violence intervention programs and $1.7 billion for a Justice Department firearm trafficking strike force.
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