The White House's proposed fiscal year 2023 budget will include increases to national security spending and a special tax on billionaires.

Biden’s 2023 budget calls for 20% minimum tax on billionaires

Mar 28, 2022

President Biden is expected to unveil his budget request for the upcoming fiscal year Monday afternoon. Biden’s budget will focus on “fiscal responsibility, safety and security at home and abroad, and a commitment to building a better America,” according to the Associated Press, citing a White House official

According to the White House, Biden will also include a minimum 20 percent tax on people worth more than $100 million. Currently, billionaires can use a tax workaround to avoid paying taxes on capital gains. The White House says the tax will help reduce the budget deficit by about $360 billion in the next decade.

The proposed budget also calls for money to hire more local police officers. A Reuters report showed the money will go toward more community policing units, addressing gun crimes, and funding crime prevention programs.

Biden’s proposed budget will also prioritize national security. Biden will ask Congress for more than $800 billion in national security spending, up four percent from the previous fiscal year.

Biden’s proposed budget is just a request to Congress, and it’s unlikely he will get everything requested.

Fiscal year 2023 starts October 1, meaning Congress would need to approve a full budget by September 30 to avoid a government shutdown. But Congress hasn’t approved a budget by the deadline since 1997. Instead, Capitol Hill has turned to continuing resolutions to keep the government open while lawmakers continue working on the budget.

Tags: Joe Biden

IT’S BUDGET TIME AGAIN ON CAPITOL HILL.

YOU MIGHT BE THINKING.. DIDN’T CONGRESS JUST PASS A BUDGET THIS MONTH?

YEP… BUT THAT WAS FOR FISCAL YEAR 2022…

NOW PRESIDENT BIDEN IS UNVEILING HIS WISH LIST FOR THE UPCOMING FISCAL YEAR.

HERE’S WHAT’S IN IT/ HERE IS WHAT IS EXPECTED.

ONE- WATCH OUT BILLIONAIRES…

BIDEN’S BUDGET WILL INCLUDE A BILLIONAIRE MINIMUM TAX OF 20 PERCENT.

IT’S ONLY FOR PEOPLE WORTH MORE THAN 100 MILLION DOLLARS- SO I DON’T KNOW ABOUT YOU, BUT I’M SAFE.

RIGHT NOW BILLIONAIRES USE A TAX loophole to avoid paying taxes on capital gains.

THE TAX WILL HELP REDUCE THE BUDGET DEFICIT BY ABOUT $360 BILLION IN THE NEXT DECADE ACCORDING TO A WHITE HOUSE FACT SHEET.

2- MORE MONEY FOR POLICE.

BIDEN’S BUDGET CALLS FOR MORE BOOTS ON THE GROUND WHEN IT COMES TO POLICE… 32 BILLION DOLLARS WORTH FOCUSING ON COMMUNITY POLICING, GUN CRIMES AND PREVENTION.

THIS DESPITE YEARS LONG CALLS FROM SOME IN HIS PARTY TO REALLOCATE HOW POLICE MONEY IS USED.

AND THREE- THE NATIONAL SECURITY AND THE MILITARY GET WINDFALLS.

BIDEN WANTS MORE THAN 800 BILLION IN NATIONAL SECURITY SPENDING- UP 4 PERCENT FROM LAST YEAR.

AND A FOCUS ON DEFENSE- WITH BIDEN ASKING FOR MONEY FOR A MISSILE WARNING SYSTEM AND A MISSILE INTERCEPTOR.

BIDEN’S BUDGET IS JUST A REQUEST- AND THERE IS PRETTY MUCH ZERO CHANCE HE GETS EVERYTHING HE WANTS FROM CONGRESS.

ANOTHER THING THERE IS LIKELY ZERO CHANCE OF- GETTING THE NEW BUDGET PASSED BY THE OCTOBER 1 DEADLINE.. THAT HASN’T HAPPENED SINCE 1997!

STRAIGHT FROM DC I’M AA