US President proposes higher taxes on rich, introduces $6.9 trillion budget
US President Joe Biden on Thursday presented a massive annual budget of $ 6.9 trillion for the year 2024. It proposes massive spending on social measures and investment in building infrastructure, along with raising taxes on the wealthy.
25 percent minimum tax on wealthy families
Budgetary proposals include 25 percent minimum tax on the richest 0.01 percent families, proposal to increase corporate income tax rate from 21 percent to 28 percent, etc. At a rally in Philadelphia, Biden said that no billionaire should pay less taxes than a school teacher or any of you. So my plan is to make sure he starts paying his fair share.
At the same time, Indian-origin Nikki Haley, who has presented the presidential claim on behalf of the Republican, has criticized him for the budgetary proposals. He said that this proposal is socialist and a disaster for America.
Pakistan Economic Assistance Fund doubled in the budget
In his budget proposal, Joe Biden has proposed to double the Pakistan Economic Assistance Fund. The budget proposes to give $82 million to Pakistan under the economic aid fund category for the fiscal year 2024 starting October. In 2022 it was 39 million dollars.