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Biden’s Plan to Raise Taxes

President Biden unveiled a new budget that would increase aid to Ukraine and raise taxes to do so.

The budget includes a 3.2% increase in military spending to a total of $842 billion. This includes an additional $7 billion for military support in Ukraine and $23.6 billion for the Energy Department for the “modernization of sea, land and air-based nuclear weapons.”

The military budget does not account for increased spending on the outer space military or Space Force as it is known. The budget requests $180 million for a “space tug” to bring the space station to a lower orbit.

The tax increase for the highest earners would go from 37% to 39.6% and the corporate tax rate would jump from 21% to 28%. The budget would extend Trump-era tax cuts for those making less than $400,000.

The budget includes an extra 15% for the IRS, on top of the $80 billion raise they got last year. It also includes more money for Medicare and more power to negotiate drug prices for Medicaid.

The President will have to campaign hard to get this budget to pass the partisan Congress.

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