Biden's 2024 Budget Proposes 39.6% Tax Rate

President Biden has proposed a 2024 budget that calls for a top 39.6 percent tax rate for the wealthiest Americans. The proposed budget, which was released on Monday, would also raise the corporate tax rate from 21 percent to 28 percent.


The proposed budget would also increase taxes on capital gains and dividends for those making more than $1 million a year. It would also close loopholes that allow wealthy individuals and corporations to avoid paying taxes.


The proposed budget would also increase spending on infrastructure, education, and health care. It would also provide tax credits for low- and middle-income families.


The proposed budget is expected to face opposition from Republicans in Congress, who have argued that raising taxes on the wealthy would hurt economic growth. They have also argued that the proposed budget would add too much to the federal deficit.

However, supporters of the proposed budget argue that it would help reduce inequality and provide much-needed relief to those struggling financially. They also argue that the proposed tax increases would help pay for the increased spending proposed in the budget.

The proposed budget is just the first step in a long process of negotiations between the White House and Congress. It remains to be seen if the proposed budget will be approved by Congress.