Biden’s Budget Calls for Tax Increases on Corporations and the Wealthy

The budget that President Biden released on Monday projects to cut deficits by $3 trillion over a decade, and it does so with an approach that has become familiar: tax increases for companies and the wealthy.The president previewed several of the proposals in his State of the Union speech last week and contrasted them with those of Republicans, who have called for extending most of the $2 trillion of tax cuts that former President Donald J. Trump signed into law in 2017. For Mr. Biden, tax policy has been at the center of his efforts to make the economy more equitable and to counter…