House committee to look over President Biden’s federal budget proposal

CNN– Congressional hearings on next year’s federal budget are taking off, and it could impact your energy bill or your community’s law enforcement.

Each year, the president drafts the budget and sends it to Congress for revisions. A House committee is scheduled to look over President Joe Biden’s plan Tuesday. Biden wants more funding for NASA. It could help put the first woman and person of color on the moon and prepare for human exploration of Mars someday.

He also wants to increase funding to combat the opioid epidemic and fight COVID-19. Republicans say the money Biden wants for defense is not enough.

To pay for all that, Biden wants to restore some corporate taxes Republicans chopped in 2017. He’d like to increase income tax for people who are worth more than a hundred million dollars, and he wants them to pay for unrealized capital gains.Those occur when things like stocks increase in value, even before people sell them.