The Biden administration in the United States has announced a budget statement for the new fiscal year, aiming to reduce the fiscal deficit by $3 trillion, or approximately 440 trillion yen, over the next 10 years by increasing taxes on the wealthy and large corporations. I showed it.
On the 11th, the Biden administration announced the ``Budget Statement,'' which presents to Congress the government's thinking regarding the budget for the new fiscal year starting in October.
The report emphasizes President Biden's accomplishments over the three years since his inauguration, such as achieving a strong economic recovery and growing the economy by raising the standards of low-income and middle-class people.
In the Budget Statement, the total requested expenditure was 7,266 billion dollars, or approximately 1,068 trillion yen in Japanese yen, an increase of 4.6% from the previous fiscal year.
On the other hand, the minimum corporate tax rate for large companies, which is currently 15%, will be raised to 21%, and the minimum income tax rate for the wealthy will be raised, which will result in a total increase of $3 trillion in Japanese yen over the next 10 years. The aim is to reduce the fiscal deficit by approximately 440 trillion yen.
In addition, as rising housing costs become a major issue due to the effects of inflation and the Federal Reserve's interest rate hikes, a new initiative to reduce the annual $5,000 loan burden for the middle class for two years when purchasing a home, as well as construction companies. The plan also includes policies aimed at resolving the housing shortage, such as financing.
In the United States, some of the budget proposals for this fiscal year that began last October have not been passed due to opposition from the opposition party, the Republican Party, which holds a majority in the House of Representatives. The negotiations between the ruling and opposition parties are also intensifying.