On Monday, President Joe Biden released the 2023 federal budget. The new budget introduces an increased tax rate for corporations raising it from 21% to 28% as well as the “Billionaire’s Minimum Tax” putting a 20% income tax rate for the 0.01% of top earners and houses worth over $100 million. The budget will also shift some of the focus away from Covid-19 and towards working to lower the crime rate and secure NATO allies amidst the Russian invasion of Ukraine.
2023 Federal Budget Increases Taxes for Corporations and the Ultra-Rich
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The budget aims to reduce the federal budget deficit by more than $1 trillion over the next 10 years and Biden has stated himself, “No one making less than $400,000 will pay an additional penny in federal taxes.”