Biden’s budget shows the big-spending state is here to stay ...Middle East

Quartz - Economy
Biden’s budget shows the big-spending state is here to stay
source : Quartz ( Middle East ) () 19
President Joe Biden is asking Congress to approve a $6 trillion budget for the 2022 fiscal year—the most lavish level of federal spending since 1945. As the government funds a host of social welfare, infrastructure, education, and climate change measures, total expenditures will climb to $8.2 trillion by 2031. For a decade, the government will run a deficit of at least $1.3 trillion, according to Biden’s budget proposal, which was released May 28.In part, this spending will be funded by $2 trillion by taxing corporations and wealthy individuals at a higher rate and by cracking down on offshoring profits. Biden plans to raise the corporate tax rate from 21% to 28%. The US government will also

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