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published in Blogs
May 31, 2021
Biden unveils $6 trillion budget proposal

Biden unveils $6 trillion budget proposal

U.S. President Joe Biden unveiled a proposal of $6 trillion budget.

The plans include proposals for a $2.3 trillion infrastructure plan and $1.8 billion in spending on education and families. Both of these, however, are facing pushback from Congressional Republicans. 

The plan indicates spending of $6 trillion, $4.2 trillion in revenue, with a $1.8 trillion deficit for fiscal year 2022.

Biden’s proposal mentions  a 39.6% top tax rate on capital gains and dividends for millionaires. Currently, the wealthiest Americans incur a top federal tax rate of 20% on those returns, if the asset is held for more than a year. 

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