Biden’s Budget Proposes Trillions in Tax Hikes, Partly Repeals Trump’s Tax Cuts

President Joe Biden briefly addresses journalists from the South Lawn of the White House in Washington, on Mar. 3, 2023. Roberto Schmidt/AFP via Getty Images

President Joe Biden unveiled the third budget of his presidency, vowing to increase spending, raise taxes, and reduce the federal deficit.

Over the next decade, the $6.8 trillion budget (pdf) proposes approximately $5.0 trillion in tax increases on high-income earners and corporations.