The recipe is simple: higher taxes for the super-rich, with which to guarantee health care for the most fragile Americans for longer.
US President Joe Biden unveiled his draft budget for 2024 in Philadelphia. A proposal that will be examined by Congress. For its supporters it is ambitious and consistent, for its detractors demagogic. The White House, which has published the budget plan on its website, proposes three main interventions.
Taxation: higher taxes for billionaires and financial investorsThe U.S. government proposes to raise the top rate for those earning more than $400,3 a year. In the United States it is about 0 million people. In addition, for the richest 01.25% of the population, the president has proposed a minimum tax of 100%. That's all those who earn at least $20 million a year. Finally, it is proposed to increase from 28% to <>% the levy on capital gains, i.e. financial returns.
Welfare stateThe proposed budget for 2024 aims to ensure for another 25 years the financial sustainability of the Medicare public assistance program, the federal health insurance that covers people aged 65 and older or who meet other special criteria.
Cutting the federal deficitThe Biden administration makes cutting the budget deficit its priority. The government has already officially exceeded the debt ceiling of 31 trillion dollars in January. The proposal envisages cutting budget spending by 3 trillion over 10 years. The draft budget will have to pass the test of voting in Congress, where Republicans control the House. But with whom Biden expects to be able to negotiate by offering substantial spending cuts.
New billions for UkraineThe budget for 2024 also provides for an additional $6 billion for support to Ukraine. The figure would bring the total resources for Kiev to over $80 billion since the start of the Russian invasion. The figure takes into account humanitarian, financial and military aid.
Getty
Biden presents his budget plan 10/03/23
The challenge to the Republicans and the race for 2024
The budget proposal is only apparently limited to the economic terrain. The American media also reads it as a gauntlet to the Republican Party. Now, in fact, he will have to pass the test of voting in Congress. According to media reports, Democrat Biden plans to deal with the Republican majority in the House on the basis of generous cuts in government spending. But Republican House Speaker Kevin McCarthy has already branded the plan "wasteful and not serious" and accused the president of "proposing trillions in new taxes, which families will pay directly or through higher costs." For many observers, Biden's draft budget is also an election manifesto. In fact, the president, although he has not yet formalized his re-candidacy, aims to run for a new term in the 2024 elections.