President Joe Biden released his 2024 budget plan Thursday which promises to cut the deficit by $3 trillion over the next decade.
Thursday that promises to cut the deficit by $3 trillion over the next decade thanks to a flurry of new and increased taxes aimed at the richest Americans.
Many of the proposed taxes are more of messaging signals as the president prepares to launch a potential re-election bid and enter the 2024 campaign season. Biden's budget calls for increasing the corporate income tax to 28% from the current 21%. The White House argues the increase is still far below the 35% tax before former President Donald Trump slashed the tax in 2017.
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