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2:19
Biden Increased Defense Spending Ahead of Fiscal Year 2023
The president of the United States, Joe Biden, presented to Congress a budget proposal for fiscal year 2023, in the request of more than 200 pages, he asks for 5.79 billion dollars, of which 813 million will be allocated to defense spending.
Fiscal year 2023 begins next October, however, in view of the war in Ukraine; The US, like other nations, have decided to invest more in defense, since the invasion of Russia has alarmed leaders around the world.
Biden proposes investing 6.9 billion dollars in the North Atlantic Treaty Organization (NATO), to counteract the advance of Russian troops on Ukrainian territory and prevent it from affecting more countries. In this way, the White House seeks to help "the economic, humanitarian and security needs".
The internal protection is also contemplated in the proposal, since 17,400 million dollars will be used to reinforce the fight against organized crime, of which 1.7 million is to confront the gangs in charge of trafficking firearms.
20% tax on the wealthiest in the nation
The US president plans to create a 20% tax on the richest in the United States, that is, it is aimed at those who have a fortune of more than 100 million dollars.
The head of state has also proposed raising corporate taxes from 21% to “28%, which has caused annoyance within some Democrats in Congress, who oppose this option.
Additionally, Biden seeks to reduce the federal deficit by 1.3 trillion dollars this year "the largest annual reduction in US history", thanks to the possible increase in taxes.
Similarly, the government ensures that those who have an annual income of less than 400 thousand dollars will not pay anything in the new taxes.
On this occasion, the proposals presented are totally different from those made when he took office. For fiscal year 2022, Biden was mostly focused on social policies and fights to counter climate change and its impact on the world.
Many of these have not gone ahead in Congress and have not materialized, which has generated strong criticism against the president, while the United States is currently facing the highest inflation in history.
