On Thursday, President Joe Biden released a comprehensive budget plan that called for higher taxes on the wealthy and promised to trim the federal deficit by nearly $3 trillion over the next decade. Immediately, Republicans criticized the proposal as misguided. The proposal includes $26 billion increase in Pentagon spending, almost an $800 million increase on border security, and proposals to provide Medicaid-like coverage to low-income residents in the 11 states that have not already expanded Medicaid.

The budget blueprint also proposed to raise taxes on wealthy Americans, something that is likely to be overwhelmingly rejected by the GOP-controlled House of Representatives. Biden has also proposed to quadruple the 1% of stock buybacks and bump up the top income-tax rate to 39.6%. This represents a difficult hit for high earners, as well those in the lower-income and middle-class groups, as increased taxes on companies will force them to increase prices