President Joe Biden sent his fiscal 2023 budget to Congress asking for a total of $5.8 trillion dollars down from the $6 trillion the administration requested in 2022.
The budget considers raising the corporate tax rate from 21% to 28%, as well as raising the top individual tax bracket to 39.6%.
The budget also proposes a 20% minimum tax rate on households worth more than $100 million, known as the Billionaire Minimum Tax.
Defense spending will rise to $813.3 billion with the Department of Defense budget rising from 4.15% to $766 billion. Other major budget items are social security at $1.3 trillion, Medicare at $847 billion and Medicaid at $536 billion.
The 2023 budget deficit is projected to be $1.15 trillion.