2024-03-12 16:14:32
US President Joe Biden today presented his draft budget for the country for the next fiscal year, which begins on October 1, 2024. It is worth 7.3 trillion dollars, Reuters reported.
Biden envisions the US corporate tax rate to be raised from 21 percent to 28 percent. Income tax on individuals earning more than $400,000 a year is also planned to be increased. Owners of assets worth at least $100 million will be forced to pay taxes of at least 25 percent of their income.
The administration in Washington is expected to be empowered to negotiate with drug companies to lower the price of more drugs.
The project includes tax refunds for low- and middle-income families with children, funding programs to support child rearing, and providing paid “family leave” for employees and workers.
Biden plans to allocate $258 billion to the construction of social housing and direct billions more to the fight against crime.
The US president promises to reduce the country’s budget deficit by 3 trillion dollars within 10 years. This would slow down, but not stop, the growth of the US national debt, which amounts to 34.5 trillion dollars, notes Reuters, quoted by BTA.
The budget deficit will reach $1.8 trillion in fiscal year 2025, or 6.1 percent of U.S. gross domestic product (GDP). After that, it will drop to 4 percent a year within a decade, the White House predicts.
The draft budget for fiscal year 2025 is more of a political message aimed at voters ahead of the US presidential election, which will be held in early November, analysts said.