Biden’s budget proposal - General Motors encourages quits - FTC targets Twitter

Source: Bloomberg

1. Summary
   President Biden released his federal budget proposal on Thursday. The plan features $5 trillion in new taxes over 10 years, aimed at corporations and wealthier households. The budget is unlikely to pass Congress in its current form, but outlines the administration's goals as it negotiates with Republicans on raising the nation's debt ceiling to avoid a default.
   
   The $6.9 trillion proposal is an 8% increase from this year's budget, and is projected to reduce the deficit by $2.9 trillion over 10 years. The number matches the $3 trillion added to the deficit from former President Trump's tax cuts in 2017. The GOP's goal is to cut spending without raising taxes.
   
   The proposal would quadruple the tax rate on corporate stock buybacks, tax capital gains at the same rate as wages for those earning $1 million, and undo Trump's tax cuts on corporate profits and high-earning households. It also includes a "billionaire's tax" that requires the wealthiest 0.1% of Americans to pay at least 25% on their income -- which the White House says includes assets, like unsold stock.

   Highly-rated - last 48 hrs
   Takeaways from President Biden's $6.9 trillion budget proposal: Tax the rich. Cut the deficit. Take on the GOP.
   USA Today (Moderate Left) • Factual Grade 76% • 6 min read
   

1. Different political viewpoint
   President Biden's budget will raise taxes without addressing the federal government's spending problem.
   Reason (Moderate Right) • Factual Grade 76% • 4 min read

1. Selected long-read
   Fact Check: Biden’s tax rate comparison for billionaires and schoolteachers.
   FactCheck (Center) • Factual Grade 91% • 7 min read

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