The end of the pandemic policies and economic growth improved the finances of the North American country.
WASHINGTON. The White House Budget Office estimates that the US deficit in 2022 will be $1.3 trillion lower than the year before, marking the largest single-year decline in US history.
This was expressed by the White House in a document published this Saturday, March 26, 2022, and in which some clues are offered about the budget that US President Joe Biden will request from Congress on Monday for fiscal year 2023.
According to the document, economic growth and the end of some of the costly policies of the pandemic have made it possible to reduce the deficit from 3.1 trillion in 2020 to 2.8 trillion in 2021.
It is also estimated that the 2022 deficit will be reduced by 1.3 trillion, so it could be 1.5 trillion or even less, according to the White House.
new tax
In the United States, the president asks Congress to approve the budget that is prepared by fiscal years, that is, the 2023 budget would run from October 1, 2022 to September 30, 2023.
According to The Washington Post, Biden will also propose a new tax targeting the 700 richest Americans as part of his budget on Monday.
The so-called “minimum income tax for billionaires” would establish that households with annual income of more than $100 million must pay a minimum tax of 20%, details The Washington Post, which cites sources familiar with Biden’s proposal.
The president has positioned himself in the past in favor of establishing a tax for the richest, but this would be the first time he has proposed it. EFE
