It also forms a blueprint for his expected 2024 re-election bid. Read more at straitstimes.com.
WASHINGTON – US President Joe Biden is travelling to the swing state of Pennsylvania on Thursday to unveil his federal budget plan laden with spending proposals and higher taxes on the wealthy, which will also form a blueprint forSpeaking at a Philadelphia union hall, the Democratic president will highlight plans to cut the nation’s deficit by nearly US$3 trillion over 10 years by raising taxes on those earning more than US$400,000 a year and ending some corporate tax breaks enacted in 2017...
Mr Biden’s proposal already faces stiff opposition from Republican lawmakers emboldened by winning control of the House of Representatives in November’s midterm elections, and large parts of it are unlikely ever to be enacted. He also wants to quadruple a 1 per cent stock buyback tax, picking a fight with many of the investors he would need to call on to finance any re-election campaign.
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