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Washington DC
President Joe Biden (pictured) unveiled his $6trn budget proposal for fiscal year 2022 (which ends on 30 September) last Friday, charting his vision of “an expansive federal government role in the economy and the lives of Americans”, says Kate Davidson in The Wall Street Journal. The budget foresees “big increases in spending on infrastructure, public health and education, along with tax hikes on corporations and the wealthy”. While the military receives a 1.6% rise in federal spending, the focus shifts to programmes such as scientific research and renewable energy, which will enjoy a 16.5% rise. Corporation tax, meanwhile, would rise from 21% to 28% and the top capital-gains tax rate would jump from 23.8% to 43.4%, with unrealised gains exceeding $1m per person taxed at death. The government expects economic growth of 5.2% this year and 3.2% in 2022, forecasts bolstered by the
