The fiscal year for the White House runs from October 1 to September 30 each year. That means that FY2023 will begin in October 2022. To prepare for the new year, President Biden recently announced his budget plans for the United States.
In total, the budget has spending plans for $5.8 trillion, including strategies to reduce the national deficit by roughly $10 trillion over the next 10 years. Plans to increase revenues are primarily based on increasing the corporate tax rate to 28% (from 21%). Plans for introducing a minimum tax on billionaires are also a crucial part of the budget. Below is a summary of some of the major provisions of the budget.