Washington (EFE).– The President of the United States, Joe Biden, presents the draft budget for 2024 that he intends to win over the working class by increasing taxes on the rich and by increasing the funding of social programs.
The president detailed his budget proposal, which depends on Congress for approval, in a fiery speech on the floor Union in Philadelphiain the key state of Pennsylvania.
The president promised his assistants that he would continue to fight for them and he said so There is still “more” work to be done.
The budget is a reflection of the political priorities of Biden, who has not yet made an official announcement his campaign for re-election in the 2024 presidential elections but is expected to do so in the coming months.
The main idea of the text is raise taxes on the rich and end subsidies for energy, pharmaceutical and cryptocurrency companies with the aim of financing higher social spending, while simultaneously reducing the public deficit by three trillion dollars in the next decade.
Biden seeks to raise $4.7 trillion in higher taxessuch as raising taxes on those earning more than $400,000 million a year, which would mean reversing the tax reform approved in 2017 under the Donald Trump administration (2017-2021).
In his budget proposal, the president is asking Congress to approve $6.8 trillion0.6 trillion more than the 6.2 trillion approved by the US legislature last year.
Biden’s proposal raises more than $1 billion for housing assistancefor the Medicaid health program for low-income people and for investments in the education of young children, ensuring that 4 million children under the age of four in the US can go to school for free.
The president also wants to raise enough funds for Medicare health care system for people over 65, it can remain in effect for another 25 years.
Also, the budget He seeks to lower drug prices, increase college scholarships and restore the tax credit that would give each family $3,600 per child per year, a measure that is very popular among Americans and is now $2,000 per child.
Source: Panama America
I am Jason Root, author with 24 Instant News. I specialize in the Economy section, and have been writing for this sector for the past three years. My work focuses on the latest economic developments around the world and how these developments impact businesses and people’s lives. I also write about current trends in economics, business strategies and investments.
