![]() Democrats are philosophically united in their desire to see the wealthy pay higher taxes, but they part ways over the details. Why it matters: This would be a dramatic change in the way the wealthy are taxed. The administration estimates the plan would raise $360 billion over the next decade. What Biden requested: Biden’s plan would require the top 0.1 percent of earners, those worth more than $100 million, to pay at least 20 percent in taxes on a combination of their income and their unrealized gains in assets like their stock portfolios. There is an additional $682 million for Ukraine, “to counter Russian malign influence and to meet emerging needs related to security, energy, cybersecurity issues, disinformation, macroeconomic stabilization, and civil society resilience,” according to a budget document. ![]() military presence in the Indo-Pacific region. Overseas, the request includes $6.9 billion for the European Deterrence Initiative - up from a $3.6 billion request in 2022 - and $1.8 billion for expanding U.S. It will also increase investments in hypersonic weapons development and building up the defense industrial base, in particular, funding upgrades to the Navy’s public and private shipyards. Why it matters: The budget will make new investments in the nation’s nuclear triad, and in building a new long-range stealth bomber and new nuclear-powered submarines. ![]() The national defense budget enacted for this year was $782 billion. Despite the high top-line request, considering inflation, it is only a 1.5 percent real increase from the fiscal 2022 budget - a fact that will draw the ire of many in Congress who have pushed for a 5 to 7 percent increase, citing Russian aggression and continued Chinese military modernization efforts. The impact of Russia’s invasion on Ukraine last month, however, will loom large over how the new request is received in Congress. The administration is focusing on China as the “pacing challenge” for the Pentagon, its budget documents released in the morning say. What Biden requested: The White House asked Congress for $813 billion for national defense on Monday - including $773 billion for the Pentagon, or $30 billion more than approved by Congress for this year. Here’s a high-level look at what Biden’s proposal includes, and why that matters - especially as the midterm elections approach: A more modest defense boost than many in Congress want
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