The U.S. administration of President Joe Biden on Monday released a $5.8 trillion budget proposal for fiscal 2023, featuring what it calls one of the largest investments in national security in the country's history amid threats posed by Russia and China.
The budget plan also includes a 20% minimum tax rate on U.S. households with more than $100 million, as part of efforts to cut deficits and improve the country's long-term fiscal outlook.
The budget for the year starting Oct. 1 earmarks $813.3 billion for national defense, a rise of 4.2% in nominal terms or 1.5% real growth after accounting for inflation compared with the $742 billion final appropriation for this fiscal year, a senior defense official told reporters. The figure includes $130.1 billion for research and development — an all-time high for such a request from the Pentagon — to seek advantages in artificial intelligence, 5G wireless networks and other technologies.