Biden’s $6.8 trillion budget raises taxes on rich, GOP calls it a ‘reckless’ spending extension

House Republicans are slamming President Biden’s new budget proposal as “reckless.”

Biden’s $6.8 trillion spending package includes $2 trillion in new taxes. The plan puts a 25% minimum tax on billionaires and nearly doubles the capital gains tax from 20% to 39.6%.

The President claims the taxes will reduce the deficit and bolster Medicare. House Speaker Kevin McCarthy says the plan will add to the national debt and make inflation worse.