President Joe Biden’s proposed $5.8 trillion federal budget for Fiscal Year 2023 raises overall domestic expenditure by 7%, increases military spending by 10%, and includes a slew of new tax levies for high-income earners, while also hiking the corporate income tax from 21% to 28%. The 149-page proposed budget, which was released on March 29, is not a set-in-stone, line-by-line appropriations bill, but rather an outline of aspirational spending demands that Congress will likely revise extensively over the spring and summer before the new fiscal year begins on Oct. 1. That is, if an annual spending plan is adopted before the fiscal year starts. Since 2016, Congress has not passed an annual budget before the start of a fiscal year, instead opting to fund the government through continuing resolutions, such as the 2,741-page, $1.5 trillion federal appropriations bill passed by … Continue reading Biden Vaguely Outlines His Proposed $5.8 Trillion 2023 Spending Plan.