Budget uses innovative funding mechanism, closing tax loopholes for billionaires
On Monday, President Biden released his annual budget, requesting increased funding for agencies including the Federal Trade Commission (FTC), the National Institute of Standards and Technology (NIST), and the National Telecommunications and Information Administration (NTIA). To help pay for the budget’s historic investments, President Biden called for a minimum tax on billionaires to ensure the ultra-wealthy pay at least 20 percent of their income.
“This budget makes big investments in our future by supporting research in technologies like AI and quantum science, while also making sure that more Americans have access to that future through universal broadband,” said Chamber of Progress CEO Adam Kovacevich. “If we’re going to succeed in delivering better opportunities and a stronger economy for the whole country, the top one percent need to chip in more.”
Last fall, Chamber of Progress endorsed Democratic proposals to fund a new privacy and data security bureau at the FTC. The organization has also supported an increase in the corporate tax rate.
In this year’s budget, the President requested an additional $88 million for the Department of Justice’s Antitrust Division as well as an additional $139 million for the FTC.
Chamber of Progress (progresschamber.org) is a new center-left tech industry policy coalition promoting technology’s progressive future. We work to ensure that all Americans benefit from technological leaps, and that the tech industry operates responsibly and fairly.
Our corporate partners do not have a vote on or veto over our positions. We do not speak for individual partner companies and remain true to our stated principles even when our partners disagree.