Joe Biden to unveil US budget including billionaire tax proposal – live | usnews

Joe Biden will unveil his fiscal year 2023 budget this afternoon with a central proposal for a new income tax on the wealthiest Americans.

The US president is due to make his announcements at 2.45pm ET today and will be accompanied by director of the Office of Management and Budget, Shalanda Young.

Biden is set to announce a tax aimed at US billionaires as part of his 2023 budget plans on Monday in a move that will likely delight many progressives in his party but could meet opposition from conservative Democrats who have already stymied his domestic agenda.

What is expected is a “billionaire minimum income tax” plan that would establish a 20% minimum tax rate on all American households worth more than $100m, as reported by the Washington Post on Saturday.

That would mean the majority of new revenue would come from billionaires, who are a frequent target of public and political ire for tax avoidance schemes. The paper said it would be “a tax on the richest 700 Americans for the first time”.

The White House has been briefing that the budget, which covers the year from October 1, “will reflect three important values: fiscal responsibility, safety and security at home and abroad, and a commitment to building a better America.”

Biden wants to reduce the US deficit. He also wants to increase funding for police and increase defense spending.

Good Monday morning, US politics live blog readers, there’s a lively day and week ahead in American political news and we’ll bring you all the developments as they happen.

The Guardian is also running a global news blog on Russia’s invasion of Ukraine, so while we’ll cover many US political aspects of that war here for round-the-clock news and what’s happening on the ground, please follow that here.

Here’s what’s in store in US politics today:

• Joe Biden will unveil his multi-trillion dollar blueprint for the US budget for 2022-2023, including a proposal for a billionaire minimum income tax, reportedly starting at 20% on households worth more than $100m.
• The House select committee investigating the January 6, 2021 Capitol insurrection is set to begin proceedings towards holding in criminal contempt of Congress two of Donald Trump’s most senior White House advisers, Dan Scavino and Peter Navarro.
• The committee is also expected to discuss the matter of whether to call Ginny Thomaswife of US supreme court Justice Clarence Thomasin for questioning over last week’s report that she exchanged text messages with Donald Trump’s then chief of staff Mark Meadows urging efforts to overturn the Republican president’s defeat by Biden in the 2020 election.
• Most Americans are at least somewhat worried that the US will be drawn directly into Russia’s war on Ukraine and fear the use of nuclear weapons, a new poll shows.
• The Senate judiciary committee will begin considering Ketanji Brown Jackson‘s nomination to the supreme court, following her confirmation hearing last week, with a vote expected next week.