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Bidenís 2023 budget would hike taxes on the ultra-rich and corporations, boost defense and police spending

WASHINGTON -- President Joe Bidenís 2023 federal budget, released Monday, proposes tax hikes on the ultra-wealthy and corporations while providing billions of dollars in new spending at the Defense Department and the Justice Department.

The proposal sent to Congress touts a $1 trillion reduction in the federal budget deficit over the next 10 years that is paid for, in part, by raising the corporate tax rate from 21% up to 28%, a rate favored by progressive Democrats but opposed by key moderates. It also proposes a new 20% minimum tax on the top 0.01% earners and households worth more than $100 million.