President Biden recently released his budget proposal for fiscal year 2024. As he has with previous budgets, the president is continuing to call for higher taxA tax is a mandatory payment or charge collected by local, state, and national governments from individuals or businesses to cover the costs of general government services, goods, and activities. es on businesses and wealthy taxpayers.
This may be the last budget President Biden releases before he announces a run for a second term. The White House says this budget will reduce the deficit, strengthen Medicare, and will only target the well-off.
But are those claims true? Erica York, senior economist, walks through the details with Jesse. They discuss what the economic impact of this budget would be and what parts stand a chance at actually becoming law.