Politics

Budget Blowout: New Biden Proposal Includes Massive Increases In Military, Future Pandemic Spending, Taxing The Rich

President Joe Biden’s proposed budget for fiscal year 2023 includes a few notable aspects, including huge increases in military spending, over $80 billion to prepare for future pandemics, and large tax increases on wealthy Americans.

On Monday, Biden laid out a budget that would increase military spending to a whopping $813 billion.

In his statement about his budget request, Biden noted, “Budgets are statements of values, and the budget I am releasing today sends a clear message that we value fiscal responsibility, safety and security at home and around the world, and the investments needed to continue our equitable growth and build a better America.”

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Defense And National Security Spending

Biden’s massive request for $813 billion – as Reuters points out, more than former President Trump ever requested – and up from $778 billion last year, isn’t even enough for some Republicans. Biden’s 4% increase isn’t as high as the 5% Republicans have already demanded.

In his statement, Biden declared,

“I’m calling for one of the largest investments in our national security in history, with the funds needed to ensure that our military remains the best-prepared, best-trained, best-equipped military in the world. In addition, I’m calling for continued investment to forcefully respond to Putin’s aggression against Ukraine with U.S. support for Ukraine’s economic, humanitarian, and security needs.”

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Taxing The Rich

The new “Billionaire Minimum Income Tax” would hit the nation’s most well-to-do taxpayers, those “worth” more than $100 million, with a bill of at least 20% in taxes on both income and unrealized gains.

Further, the corporate tax rate would increase significantly to 28%, up from 21%. 

The U.S. already has a corporate tax rate above the world average, according to the Tax Foundation.

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Planning For Future Pandemics

The new budget proposal also includes $81.7 billion for future pandemic preparation.

The breakdown of pandemic spending includes $40 billion for R&D and manufacturing capacity for vaccines, another $28 for the CDC, $12.1 billion for the National Institutes of Health, and almost $2 billion for the FDA.

Biden claims his budget is the fiscally responsible thing to do overall: 

“My Administration is on track to reduce the federal deficit by more than $1.3 trillion this year, cutting in half the deficit from the last year of the previous Administration and delivering the largest one-year reduction in the deficit in U.S. history.”

Becky Noble

Becky Noble, a political blogger and writer for over 10 years, lives by the motto, “Being normal is not necessarily a virtue. It rather denotes a lack of courage.” Becky holds a degree in journalism from Regent University.

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