Joe Biden has proposed big tax increases for US corporations, investors and the wealthiest Americans as part of a sweeping budget plan that the White House said would reduce the federal deficit by nearly $3tn over the next decade.
Biden laid out his budget plans in a speech in Philadelphia on Thursday afternoon, as the Democratic US president seeks to draw a sharp contrast with Republican lawmakers ahead of a looming battle on Capitol Hill over the debt ceiling.
With Republicans in control of the House of Representatives following November’s midterm elections, the budget will almost certainly not become law but instead offers Biden a chance to set out his economic vision ahead of his expected run for a second term in the White House in 2024.