Billionaire tax

Billionaire tax

Congress News Top Story

Biden budget plan would levy minimum tax on billionaires, boost national security

President Joe Biden sent a new $5.8 trillion budget request to Congress on Monday that calls on lawmakers to institute a minimum tax on billionaires and boost spending on national security.  The proposal, which lawmakers will undoubtedly change, asks Congress to provide $795 billion in defense funding, a roughly 4% increase, and $915 billion for domestic and foreign aid programs, about 5% more, for the fiscal year that begins on Oct. 1. The rest of the funding would go toward mandatory spending on programs like Medicare, Medicaid and Social Security. 

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