Biden Proposes $7.2 Trillion Budget Next Year, Upping Annual Deficit to $1.8 Trillion
The president is proposing, yet again, a tax on unrealized capital gains for households with a net worth of $100 million or more, an idea that has been shot down in the past.
President Biden has submitted his fiscal year 2025 budget proposal to Congress: a massive $7.2 trillion package with more money for green energy and housing development, price caps on prescription drugs, free preschool for all, and a host of other social spending. The president wants to pay for it all by increasing taxes on corporations and high-income individuals and couples.
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