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From the opinion pages of the Wall Street Journal, this is Potomac Watch.

President Biden releases his budget for fiscal 2024, sending up a clash with Republicans

in Congress, but perhaps more important, setting up his priorities if he runs for re-election.

And for 2025, if he happens to win, the presidency again will tell you about some of the major

proposals and what they tell us about the Biden agenda.

Welcome. I'm Paul Gigo, editor of the editorial page of the Wall Street Journal,

and I'm here with my colleagues, budget hawks extraordinaire, Kyle Peterson, and Kate Bacheldor,

Odell. Welcome to you, Boas. We haven't all seen the details yet because those details have

just been released, but the broad outlines and the major proposals have been leaking

the administration in advance. White House is likely to dribble out as much news as possible

on these budgets over some days, and we've been getting some of the details. Let's just give me a

little list of the tax increases, raising the corporate income tax rate to 28 percent from 21.

That's the statutory rate higher than last year's 25 percent proposal.

Raising the Medicare Assert Tax on income from 3.8 percent to 5 percent, that's on payroll.

Raising the capital gains tax rate to 39.6 percent from 20 percent. Quadrupling, the 1 percent stock

buyback tax that passed only last year, a new 25 percent, a minimum tax on billionaires, which

turns out to actually be on millionaires, and that proposal was 20 percent last year, a top

new top individual tax rate to 39.6 percent from 37 percent. Raising taxes on company foreign

profits, and those are just the highlights, or should I say lowlights, note out there many more

...