Washington, D.C. — Today, President Joe Biden released his fiscal year 2023 budget proposal. Following the release, Patrick Gaspard, president and CEO at the Center for American Progress, issued the following statement:
The president’s budget shows boldness and vision in tackling economic inequality. His proposal for a billionaire minimum tax would end the untenable status quo where many billionaires are getting away with paying lower taxes than middle-class families. It takes on the most glaring and unfair way the tax code favors the ultrawealthy, and it makes them pay more of their fair share—restoring fairness to the tax code and raising revenue to make progress on some of the country’s biggest challenges.
Building on a foundation of strong economic and job growth, the president’s budget makes significant investments in creating additional jobs, clean energy, lowering the costs of child care and health care, and defending democracy both at home and abroad at this precarious moment.
President Biden’s budget stands in sharp contrast to the previous administration’s proposals, whose core agenda was to take away health care from working families in order to give tax cuts to the rich and corporations. President Biden’s budget is the opposite: It makes the wealthy and corporations pay more of their fair share to help families meet rising costs and invest in the American economy. Ultimately, budgets are statements of values, and while today’s proposal does not purport to solve all our country’s challenges, it provides an ambitious blueprint to build a stronger, more equitable America over the next year.
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