Biden's $7.3T Budget Sets Up Tax Fight With Trump

News March 11, 2024 at 02:18 PM
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What You Need To Know

  • New services, middle-class tax breaks and price controls would be funded by higher taxes on the wealthy and corporations.
  • The budget imposes a minimum tax on billionaires — including on unrealized capital gains — of 25%, which would bring in an estimated $500 billion in tax revenue over the next decade.
  • It proposes taxing capital gains at the same rate as wages for those making more than $1 million.
President Joe Biden in the State Dining Room of the White House

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