President Joe Biden unveiled his first budget proposal on Friday, providing a road map for his policy priorities in the year ahead.
While presidential budgets are aspirational and rarely pass Congress as written, the documents are windows into areas the White House would like to focus. They can also provide ammunition to political opponents — as Biden’s quickly did, handing Republicans more fodder for their argument that the president is pursuing a burdensome tax-and-spend agenda.
Here are six takeaways from Biden’s first budget proposal.
TAXES WOULD BE HIGHER
Increased taxes on businesses and the wealthy would help cover the cost of Biden’s proposed spending.
Biden previously proposed raising the corporate tax rate to 28% to fund a significant portion of his infrastructure spending package, which contained many programs that stray from the traditional definition of infrastructure. That proposal was included in the budget Friday.