Biden will finance the increase in defense spending with a new minimum tax of 20% on the richest - MUNDO APLI


viernes, 1 de abril de 2022

Biden will finance the increase in defense spending with a new minimum tax of 20% on the richest

 Biden provides support to finance spending to defend the tax that would take from the rich

The president will ask Congress for 5.8 trillion dollars as a 2023 budget to revitalize his investment plan and reduce the deficit

The reality of the war in Ukraine has crept into the US budget for 2023, worth 5.8 trillion dollars, with a 4% increase in military spending along with numerous social programs. The increase in taxes on the highest incomes will partially cover the disbursement of the federal government, in a context of uncertainty due to high inflation and international geopolitical turbulence, of the course of the dispute over the price and supply of oil

President Joe Biden's proposal for fiscal year 2023 can reduce the deficit "by more than 1.3 trillion this year," according to the director of the White House Office of Management and Budget, Shalala Young, in a call with journalists. To reinvigorate his agenda and cut the deficit by a trillion over the next decade, the Administration will propose a tax on the wealthiest Americans. The pressure would be applied to households with incomes above 100 million dollars, through a new minimum tax of 20% on income, as well as on the value of liquid assets such as shares, which are currently taxed only when sold.

The tax increase, however, is not a novelty, but an idea raised from the early stages of the Democratic presidency to pay for its ambitious infrastructure plans. The new tax for millionaires will reduce the deficit by 361,000 million dollars (328,315 million euros), while the additional investments and reforms will mean a reduction of 1,413 billion dollars (1,285 billion euros).

The second budget of Biden's presidency —a declaration of intent that will later be slimmed down by Congress, as happened last year— seeks to promote security in the country and in the world, in addition to making the necessary investments to "build a America better” (Build Back Better, the motto of his mandate), has advanced the White House. Specifically, it allocates 1.6 trillion dollars to internal investments, an increase of 7%, in items as disparate as additional financing for affordable housing, initiatives against armed violence and support for local industry to alleviate traffic congestion. the supply chain, one of the factors that have spurred inflation. Cooling the pressure of prices, at historical maximums, is another of the objectives that the proposal flies over. The expansion of public health programs will, on the other hand, raise the deficit by 365,000 million dollars (331,953 million euros).

Biden will also request from Congress about 813,000 million in defense, 31,000 million more, or 4%, with respect to the current fiscal year, which ends on September 30. Military investments include the promotion of research and development of anti-missile warning systems, in the face of potential threats from countries such as North Korea or Iran, and in the midst of a red-hot geopolitical situation due to the war in Ukraine and the unknown of Russia's final response.

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