President Biden made a renewed push on Monday to galvanize congressional Democrats to overhaul the nation’s tax code and dramatically raise rates on corporations and ultra-wealthy Americans.
The president laid out the tax hikes as part of his $5.8 trillion budget blueprint for federal spending in fiscal 2023, which begins in October. Under his proposal, taxes would rise by $2.5 trillion, marking the largest increase in history in dollar terms. The deficit would be $1.15 trillion.
The higher taxes would largely be borne by Wall Street and the top sliver of U.S. households, in the form of a steeper corporate rate, a modified wealth tax and a global minimum tax.
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