“President Joe Biden on Thursday unveiled plans for government spending and higher taxes on the wealthy… The president seeks to fund higher spending and narrowing the deficit by imposing a 25% minimum tax on billionaires and nearly doubling the capital gains tax from 20%, the White House said.” Reuters
The left supports the plan, arguing that in order to preserve Social Security and Medicare, tax increases on the wealthy are necessary.
A libertarian's take
“Biden's budget acknowledges that the government can't keep borrowing as recklessly as it has for the past few years, and should try to pay for the things it spends money on. That's a welcome development but one that might ignore the actual problem: the spending itself…
“Indeed, the federal government doesn't have a revenue problem at all. Federal tax collections hit an all-time high of $4.9 trillion last year. As a share of the overall size of the economy—a measurement not affected by inflation—tax collections hit 19.6 percent last year. That's the highest level since 2000, the fourth-highest total since World War II, and well above the average post-war rate of about 17 percent. The problem, of course, is that spending continues to outpace revenue by a wide margin.”
Eric Boehm, Reason