WASHINGTON — President Joe Biden unveiled a $6.9 trillion budget blueprint Thursday that promises to cut projected deficits and safeguard cherished entitlement programs for seniors as he confronts a new Republican-controlled House for the first time in his presidency.
The fiscal 2024 budget request proposes a slew of new spending designed to increase child care, build affordable housing, reduce home energy bills, make college more affordable and more. But it relies more heavily on tax increases for upper-income households to pay for those programs while trying to tame rising deficits.
The plan calls for imposing a 25% minimum tax on the wealthiest 0.01% of households, quadrupling a 1% surcharge on corporate stock buybacks, restoring the top marginal income tax rate to 39.6%, and raising the corporate income tax rate from 21% to 28%, among other things.
