Biden proposes raising taxes for billionaires in the US to help Ukraine

The new initiative by the US president is aimed at the wealthiest individuals in America. In this way, the head of state aims to achieve two goals: to assist Ukraine and to reduce the budget deficit.

“Imagine what we could do with this. We could significantly reduce the federal budget deficit. We could do so much. Including finally protecting Ukraine from Putin’s butcher,” Biden said at a meeting with voters in South Carolina.

The US president proposes to increase taxes for billionaires from 8.2% to 25%. According to administration estimates, this would allow for the collection of $400 billion over the next 10 years. It is worth noting that the budget deficit issue in the US has become a serious concern, as only the reputation and stability of the dollar currently ensure the stability of the American financial system. US debts are growing at the fastest rates in the country’s history and this topic has become one of the battlegrounds between presidential candidates.