U.S. President Joe Biden announced on Monday his proposal for the 2023 federal budget, which laid out his administration's priorities of “fiscal responsibility, safety and security at home and abroad, and a commitment to building a better America.”
The budget includes a new tax requiring billionaires to pay at least 20% of their income in taxes, including a tax on the gains on investments that have not been sold.
The White House says the tax would apply to 0.01% of American households, those worth over $100 million, and that more than half of the new revenue would come from households worth more than $1 billion.
The measure would reduce the government deficit by $360 billion over the next decade, Biden said.
Amid the Russian invasion of Ukraine, Biden’s budget proposed an $813 billion investment in the national defence sector, which will see a 4.6% pay raise for troops and the largest research and development budget for the US forces in history.
Biden was asked several times about his comment that Russian President Vladimir Putin can’t remain in power, and he reiterated that his comments reflected his "personal feelings" and that the U.S. does not intend to interfere in a regime change in Russia.
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