reduce the deficit by $3 trillion over the next decade.
The budget proposal, which was released on Thursday, includes an $835 billion increase in military spending. However, the administration claims that the increase in spending will not add to the deficit, as the budget also includes a number of tax hikes aimed at the country’s wealthiest individuals and corporations.
One of the most controversial proposals in the budget is the plan to close a loophole that benefits wealthy crypto investors. The administration plans to gradually introduce a 30% tax on the electricity used in cryptocurrency mining, which is currently exempt from taxation.
The move is likely to be met with resistance from the crypto community, which has long argued that the industry should be free from government regulation and taxation. However, the Biden administration argues that the tax is necessary to ensure that the country’s wealthiest individuals and corporations pay their fair share.
The budget proposal also includes a number of other tax hikes, including an increase in the corporate tax rate from 21% to 28%, and a new minimum tax on corporations with profits of $2 billion or more.
The administration claims that the tax hikes will not only reduce the deficit, but also help to “grow the economy from the bottom up and middle out.” The budget proposal includes a number of measures aimed at boosting economic growth, including investments in infrastructure, education, and healthcare.
Overall, the Biden administration’s budget proposal is likely to be met with mixed reactions. While some will welcome the efforts to reduce the deficit and invest in the country’s future, others will be concerned about the impact of higher taxes on businesses and individuals.
