Joe Biden releases proposed federal budget for fiscal year 2024

President Joe Biden released his budget on Thursday, vowing to cut $3 trillion from the federal deficit over the next decade, in part, by levying a 25% minimum tax on the wealthiest Americans. Biden also raises more revenue by increasing taxes on oil and gas companies, hiking the corporate tax rate to 28%, up from 21% imposed under former President Donald Trump but below the 35% tax pre-2017, and allowing Medicare to negotiate drug prices.