President Biden laid out his 2024 budget proposal in Philadelphia this week, an ambitious 178-page document which included trillions in new taxes on corporations, high-earners, and the wealthy. These would be used to bolster Social Security, reduce the deficit by nearly $3 trillion over the decade, and expand spending on various initiatives such as childcare, leave and universal pre-K.

The expected tax hikes include increasing Medicare taxes for earners over $400,000, a quadrupling of the 1% surcharge on corporate stock buybacks from 2021, a 20% minimum tax on income and theoretical earnings that stockholders haven't yet realized (for individuals and families worth $100 million or more), and a raise in the top income-tax rate from 37% to 39.6%.

The controversial proposals have sparked debate, with Democrats proposing additional ways to pay for the plan with Republican opponents largely unsupportive. House