President Joe Biden’s 2023 federal budget, released Monday, proposes billions of dollars in new spending for law enforcement.
The budget proposal includes more than $32 billion in spending to fight crime, including more than $20.6 billion at the Justice Department and another $3.2 billion for state and local law enforcement grants and for hiring police officers, CNBC reports.
In order to pay for the new spending for law enforcement and other initiatives, Biden is proposing to increase revenue through the following measures:
- Raise the corporate tax rate from its current rate of 21% to 28%.
- Raise the top individual tax bracket to 39.6%.
- Impose a 20% minimum tax on the top 0.01% of earners and households worth more than $100 million, the so-called the Billionaire Minimum Tax.
- Repeal several tax breaks for oil and gas producers and processors.
- Tax carried interest as regular income, closing the so-called carried interest loophole.
- End tax deferrals on the gains from like-kind exchanges.
