Biden budget highlights: Lots of spending, taxing the rich

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WASHINGTON (AP) — President Joe Biden’s $6 trillion budget proposal offers major new initiatives like child and elder care subsidies, generous tax credits for families and the working poor, and free community college. It also promises politically freighted tax increases on the wealthy and corporations and would give domestic Cabinet departments significantly bigger budget increases than the Pentagon. But like all presidential budget plans, Biden’s proposal needs the approval of lawmakers, who can change the allotments and dollar figures. Republicans will likely insist on spending increases for the Pentagon that are comparable to domestic agencies.

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