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Business Matters: Joe Biden's budget plan aims to cut US deficit by $3 trillion over 10 years

Joe Biden's budget plan aims to cut U.S deficit by $3 trillion over 10 years

09/03/2023 GMT

Joe Biden's budget plan aims to cut US deficit by $3 trillion over 10 years

BBC World Service - Business Matters, Joe Biden's budget plan aims to cut US deficit by $3 trillion over 10 years

The US president will propose increases in taxes on companies and high earning people

The US  president will propose raising taxes on companies and people earning over $400,000 a year.

President Joe Biden's budget proposal will propose raising taxes on companies and people earning over $400,000 a year. The Democratic leader wants to ensure the wealthy and large corporations pay their fair share while cutting wasteful spending on special interest interests, like Big Oil and Big Pharma.

The German company Adidas on Wednesday slashes dividends and shakes up its management. We ask what will happen to the billions of dollars worth of remaining Yeezy gear left over from its former partnership with Ye (yay) or Kanye West.

The Dutch government says it'll restrict the export of certain types of equipment used to make microchips  or semiconductors because of security concerns.This comes after pressure from the United States to get the Netherlands to restrict China's access to high- end chip technology.

(Photo: US President Joe Biden addresses the International Association of Fire Fighters (IAFF) 2023. Credit: Reuters)

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