President Joe Biden wants to change how the U.S. government spends money. He aims to get an extra $4.951 trillion over the next 10 years by raising taxes, mainly from businesses and rich people. The U.S. Treasury says these changes could bring in a lot more money.
Some of the plans include giving more money to the IRS to help them collect taxes better. There are also plans to change how businesses are taxed internationally, which could bring in over $600 billion. They want to raise the minimum tax for big companies inside the U.S. and limit how much bosses can deduct from their taxes, which could bring in even more money.
They’re also planning to make rich individuals pay more taxes, including introducing a special tax for billionaires.
Biden’s proposed budget includes a $104.5 billion (Via Cameron Smith/Shutterstock)
They’re expecting this to bring in almost $2 trillion. They want to make sure rich people are paying all the taxes they should by giving more money to the IRS to check.
They also want to introduce new tax benefits for people buying or selling homes, which might cost around $47.3 billion. They also have some plans to help families with moderate incomes, which could cost about $764.9 billion.
Even though some people in Congress don’t like these ideas, Biden thinks they’re important. He says these changes will make the tax system fairer and help pay for new programs that will help lower- and middle-income Americans, especially with things like housing and childcare.
