Title: Biden Unveils $7.3tn Budget Proposal with Tax Increases on Wealthy and Corporations

President Joe Biden has revealed his new $7.3tn federal budget proposal, which includes tax breaks for families, lower healthcare costs, smaller deficits, and higher taxes on the wealthy and corporations. The document aims to cut annual deficit spending by $3tn over the next 10 years, slowing down the growth of the $34.5tn national debt.

During a speech in the swing state of New Hampshire, President Biden emphasized the need for a fair tax code. He expressed his intention to raise income taxes for individuals earning over $400,000 per year and to increase the corporate tax rate. Biden criticized his predecessor, Donald Trump, for implementing $2tn in tax cuts during his presidency, which contributed to expanding the federal deficit.

The Biden administration aims to raise hundreds of billions of dollars by increasing taxes on the wealthiest Americans. The proposed budget promises to tackle income inequality and invest in initiatives that strengthen the country.

Highlights of Biden's budget proposal include:

- Raising the corporate income tax rate from 21% to 28%.
- Implementing a minimum of 25% income tax for billionaires.
- Applying a 39.6% marginal rate to households with an income exceeding $1m.
- Increasing the tax rate on foreign earnings of US multinationals from 10.5% to 21%.
- Introducing a child tax credit for low- and middle-income earners.
- Supporting childcare programs for parents who earn below $200,000 annually.

While the budget proposal presents President Biden's policy vision for a potential second term, it is unlikely to pass through both the House and the Senate as it currently stands. However, this proposal reflects the administration's stance and priorities as they pursue their agenda.

House Republican leadership criticized Biden's budget, labeling it as reckless spending and highlighting the Democrats' alleged lack of fiscal responsibility. They called the budget "a roadmap to accelerate America's decline."

In other news, former President Donald Trump has requested a delay in his impending criminal trial in New York until the supreme court completes its review of his claim of presidential immunity. Trump is facing 34 counts of falsification of business records related to a hush money payment made to adult film star Stormy Daniels ahead of the 2016 election.

Additionally, Trump could face another defamation lawsuit from E Jean Carroll, who accused him of rape and defamation. Trump has repeatedly denied these claims, despite already facing approximately $90m in civil penalties related to similar denials.

Former Trump advisor Peter Navarro has been ordered to report to prison on March 19 to serve a four-month sentence for defying the House January 6 committee.

While Biden's budget proposal faces uncertainty in Congress, it represents his administration's efforts to address income inequality, invest in social programs, and tackle the country's economic challenges.