Biden unveils $6 trillion 2022 budget that includes costly pandemic recovery and jobs plans

President Joe Biden on Friday unveiled a $6 trillion 2022 budget that includes his initiatives already announced like the American Jobs Plan and American Families Plan.

President Joe Biden on Friday unveiled a $6 trillion budget proposal for fiscal year 2022, which includes his costly initiatives already announced, including the American Jobs Plan and American Families Plan. It also includes his proposal to raise the corporate tax rate to 28% and increase the capital gains tax on the wealthiest Americans to 39.6%, but it still runs a deficit of $1.8 trillion for FY 2022 and continues to run trillion-dollar deficits yearly over the next decade. Shalanda Young, acting director of the Office of Management and Budget, said that after 2030, the budget policies will then start to reduce annual deficits, speaking on a call with reporters. The budget unveiling traditionally kicks off lengthy negotiations or fights with Congress, which must approve federal spending.