On Thursday, the Biden administration released the U.S. president’s 182-page budget proposal for the fiscal year 2024, which aims to “grow the economy from the bottom up and middle out.” The budget includes an $835 billion increase in military spending, but the administration claims it will reduce the deficit by $3 trillion over the next decade. Additionally, the budget proposes “closing a loophole that benefits wealthy crypto investors” and plans to gradually introduce a 30% tax on the electricity used in cryptocurrency mining.
Biden Budget Aims to Reduce Deficit by Raising Taxes
Unlike many past U.S. presidents who promised no new taxes, president Joe Biden has no issue with imposing more taxes on American people and businesses. However, the Biden administration claims that the higher
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