(Finance) – The American president, Joe Biden lift the veil on budget law 2023 of 5,800 billion dollars, starting from next October 1st, which foresees a significant increase in expenses for the Defense sector. In fact, a 4% increase has been allocated, with a budget that goes from 743 billion in 2022, recently approved by Congress, to 773 billion dollars.
The White House tenant in the budget bill calls for one of the largest investments in the history of American national security: “funds needed to ensure that our armed forces remain the best prepared, best trained and best equipped in the world”, calling for “continue investments for forcefully respond to Putin’s aggression against Ukraine“.
The plan also includes a increase in corporate tax 21% to 28%. Biden then proposed a federal minimum tax of 20% on the richest 0.01%, made up of those with assets of at least $ 100 million.
“This budget continues the economic momentum and deficit reduction that the President has initiated through smart and fiscally sound investments in the nation’s security, health and prosperity. This budget also promotes a fairer and more efficient taxation which will enable the funding of key tax priorities they promote opportunity for every American“, commented the Secretary of the Treasury, Janet Yellen.