A Biden budget aims at funding police and taxing the rich in order to counter China
In an effort to set himself apart from progressives within his party who have advocated for defunding the police, Biden released a $5.8 trillion budget for fiscal year 2023 on Monday that includes significant funding for the police. A new minimum tax targeted at the rich was also recommended by Biden.
Biden's budget, according to the White House, allocates $3.2 billion in discretionary funds, as well as $30 billion in mandatory funds under the heading “support law enforcement, crime prevention, and community violence intervention”.
According to the White House, there will be more community police officers on the streets of the country under this plan. In addition, the bill proposes to enhance the abilities of federal law enforcement agencies such as the FBI and US Marshall Service to combat violent crime.
“Budgets are statements of values, and the budget I am releasing today sends a clear message that we value fiscal responsibility, safety and security at home and around the world, and the investments needed to continue our equitable growth and build a better America,” Mr. Biden said in a statement accompanying the request.
In addition to creating a more equitable tax code, Biden's "Billionaire Minimum Income Tax" is also projected to reduce the deficit by $360 billion over a decade, according to the White House.
As per the plan, only the wealthiest 0.01 percent of American households (those worth over $100 million) would be subject to this tax. One White House fact sheet reported that over half of revenue would come from households with incomes over $1 billion.
“I’m calling for one of the largest investments in our national security in history, with the funds needed to ensure that our military remains the best-prepared, best-trained, best-equipped military in the world,” Biden said in a statement.
28 March 2022