Connect with us

Hi, what are you looking for?



Biden’s budget plan involves increases in taxes and reforms to generate more revenue

International taxation could contribute over $632 billion (Via Pam Jones/Getty Images)

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.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like


Nemo enim ipsam voluptatem quia voluptas sit aspernatur aut odit aut fugit, sed quia consequuntur magni dolores eos qui ratione.


Et harum quidem rerum facilis est et expedita distinctio. Nam libero tempore, cum soluta nobis est eligendi optio cumque nihil.


Quis autem vel eum iure reprehenderit qui in ea voluptate velit esse quam nihil molestiae consequatur, vel illum qui dolorem eum.


Temporibus autem quibusdam et aut officiis debitis aut rerum necessitatibus saepe eveniet ut et voluptates repudiandae

Copyright © 2022-24 ChroniceSPR.