When President Biden released his budget for the next fiscal year, his priorities included raising trillions of dollars in taxes to help reduce the federal deficit by almost $3 trillion over the next decade. Here's how it could change your tax bill.
his budget for the next fiscal year, his priorities included raising trillions of dollars in taxes to help reduce the federal deficit by almost $3 trillion over the next decade.
To be sure, Mr. Biden's budget isn't set in stone — instead, it reflects a starting point for negotiations with lawmakers, who ultimately craft and pass spending bills and new tax laws. But the White House's push to raise taxes on the wealthy reflects a push to place a higher burden on the richest Americans in order to increase funding for education, housing and health care, among other priorities.
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