Tag Archives: pitches

Biden announces how $40 billion for high-speed internet will be used, as he pitches ‘Bidenomics’ – ABC News

  1. Biden announces how $40 billion for high-speed internet will be used, as he pitches ‘Bidenomics’ ABC News
  2. Watch: Biden discusses investments in high speed internet infrastructure | NBC News NBC News
  3. Biden kicks off a summer effort to sell his economic record with ‘an unprecedented investment in broadband’ Yahoo Finance
  4. High-speed internet is a necessity, President Biden says, pledging all US will have access by 2030 The Associated Press
  5. Biden announces $42 billion to expand high-speed internet access The Washington Post
  6. View Full Coverage on Google News

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Shohei Ohtani pitches gem in Angels’ walk-off win

ANAHEIM — Somehow, Shohei Ohtani keeps managing to ascend to new heights.

Brandishing the new sinker he recently started incorporating, the two-way star looked as dominant as ever on Saturday night at Angel Stadium, throwing eight innings of one-run ball in the Angels’ 2-1 win over the Astros in 12 innings. In the process, Ohtani reached 400 career Major League strikeouts while also setting a career high in MLB innings pitched with 136 (surpassing his total of 130 1/3 in 2021).

Ohtani’s 403 strikeouts across parts of four Major League seasons are in addition to the 624 he recorded during his five seasons in NPB.

“He was incredible,” interim manager Phil Nevin said. “For me, it was probably his best outing of the year, just considering where we were, the way the game was going. Even the run was a soft contact. He was really good. Really, really good.”

That sinker was a big part of Ohtani’s success against the team with the best record in the American League. After throwing it 13 times in his previous two starts combined, he threw it 18 times on Saturday. It was working for him in a way it had not before, with Ohtani himself describing the pitch as “nasty.”

“I mean, you can see it,” said Nevin. “It’s got 17-18 inches of run across the plate, and it’s still at 98-99 miles an hour. That’s a pretty tough pitch to handle for any hitter, [and] certainly as a right-handed hitter.”

“I felt really good about it, for the most part,” said Ohtani. “Gave up a couple hits, but I was able to locate it where I wanted to and I was able to throw a lot of them, so that was really good.”

The sole blemish on Ohtani’s line came in the top of the fifth, when Trey Mancini hit a two-out double and scored on a base hit by J.J. Matijevic. But after working out of a bases-loaded jam in the sixth and throwing a clean top of the seventh, Ohtani had enough in the tank to go back out for the eighth inning. For the second time this season and fourth time in his career, he made it through eight, working around Jose Altuve’s one-out double to keep the game tied at 1.

The 111 pitches were a season high for the right-hander, who lowered his ERA to 2.58, which ranks fifth among qualified American League starters.

“You can see it on his face sometimes when it’s another level on top of the level that he gets to already,” said Nevin. “I mean, you saw him get up over 100 miles an hour there in the seventh and eighth, so he certainly can reach back and has that gear.”

This comes on the heels of Ohtani becoming the first player in AL/NL history to hit 30 or more home runs in a season while also winning 10 or more games, which he accomplished on Wednesday. His five strikeouts on Saturday brought his total on the season to 181; with 19 more, he will also be the first player in AL/NL history with 200 strikeouts as a pitcher and 30 home runs as a hitter.

He has thrown more than 136 innings in a season in Japan, but with a few more starts he could set an all-around personal high.

The Angels only cobbled together one run during the first nine innings, with Luis Rengifo scoring on Ryan Aguilar’s sacrifice fly in the seventh for Aguilar’s first career RBI. But José Quijada, Jimmy Herget and Ryan Tepera combined for four scoreless innings, setting the stage for Matt Duffy’s walk-off single in the bottom of the 12th on a ball that bounced before hitting the glove of diving center fielder Mauricio Dubón.

It was Duffy’s first career walk-off with the Angels, which was made extra sweet by the fact that it salvaged Ohtani’s stellar start. Duffy even took the opportunity to weigh in on the heated Ohtani-vs.-Aaron Judge AL MVP debate.

“People were talking about Judge for MVP, and I’m just like, he’s got to break [Roger] Maris’ record to even be in the conversation for me,” said Duffy. “Some people might think that’s ridiculous in New York, I’m sure. But [Ohtani] does it on both sides of the ball.

“… I mean, it’s insane. There really are no words for it. And there’s a reason why nobody’s done it since Babe Ruth, I guess. But how exceptional he is on two sides of the ball, it’s just, you run out of words, because there are none.”

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Shohei Ohtani pitches, hits his way into history again

Shohei Ohtani’s dominance has almost become normal, and yet he often finds a new way to make history. Wednesday was another one of those nights as Ohtani put himself in a class of his own again.

The Los Angeles Angels two-way star pitched seven innings in a 5-2 win over the Miami Marlins, allowing two hits without surrendering an earned run. At the plate, he delivered a two-run single in the fifth to give the Angels the lead for good. And on the base paths, he recorded his 10th stolen base.

Since the RBI became an official stat in 1920, Ohtani is the first player to strike out 10 batters, drive in two runs and steal a base in the same game, according to ESPN Stats & Info.

Ohtani is in the middle of an illustrious stretch, even by his standards. He has pitched 28⅔ consecutive innings without allowing an earned run, dating back to the fifth inning of a June 9 start against Boston, and has won five consecutive starts. He also is one of six pitchers since 1913 (including Clayton Kershaw twice) to have a four-start span with no earned runs and 40 strikeouts.

Of course, none of those pitchers hit like Ohtani. Since that June 9 start against the Red Sox, he is batting .305 with a .398 on-base percentage and .634 slugging percentage — making his 1.032 on-base plus slugging nearly triple the measly .364 mark that opponents have managed against him.

From the archives: Shohei Ohtani is the star that baseball never knew it needed

On the mound, Ohtani continued his unblemished record despite a slow start Wednesday. The Marlins scratched out a first-inning run on a throwing error, a double and a sacrifice fly. They added a walk and a single in the second. But then Ohtani retired the next 13 batters, striking out eight of them, while the Angels built a 5-1 lead.

Over the past four weeks, Ohtani has raised his OPS from .765 to .839 and lowered his ERA from 3.99 to 2.44.

While Ohtani’s night was historic, he has recorded other similar performances this year in an encore to his American League MVP season. Last month, he pitched eight scoreless innings one day after clubbing two three-run homers. And on May 5 at Fenway Park, Ohtani pitched seven scoreless innings with 11 strikeouts and also hit a 109 mph line drive off the Green Monster.



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Former No. 1 pick Mark Appel makes ‘surreal’ MLB debut at age 30, pitches scoreless 9th for Philadelphia Phillies

Former No. 1 overall pick Mark Appel, a month shy of his 31st birthday, made his major debut Wednesday night and pitched a scoreless ninth inning for the Philadelphia Phillies.

At 30 years and 349 days, Appel — whose baseball career included a three-season absence from the sport — is the oldest ever former top overall pick from the June draft (since 1965) at the time of his MLB debut.

The right-hander allowed one hit and recorded a strikeout as the Phillies lost to the Atlanta Braves 4-1.

“It’s pretty surreal,” Appel said. “I was trying to hold back the tears. It was emotional. It was special.”

Appel was picked No. 1 overall by the Houston Astros in 2013 and was part of a trade to Philadelphia in 2015. Due to injuries and ineffectiveness, Appel left baseball in 2018 before coming back to the Phillies organization in 2021.

Appel has spent the past two seasons pitching in Double- and Triple-A for the Phillies. He has a 5-0 record and 1.61 ERA in 19 appearances for Lehigh Valley this season, and earned a promotion to the majors last Saturday.

One of the most decorated pitchers in NCAA history, Appel was drafted eighth overall by the Pittsburgh Pirates in 2012, but he returned to Stanford for his senior season and the Astros selected him first in 2013, one spot ahead of Kris Bryant.

ESPN Stats & Information and The Associated Press contributed to this report.

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Chris Bassitt pitches best Mets start with 8 shutout innings

NEW YORK — In the days following statistically one of the worst starts of his career, Chris Bassitt spoke to his longtime teammate, Mark Canha, who urged him to stop pitching so tentatively to hitters. Bassitt apologized to his catchers, Tomás Nido and Patrick Mazeika, for not being more direct with them about his game plans. He pored over the data on a month’s worth of mistakes. He flew back from the West Coast early to catch some extra rest and prepare for his next start against the Brewers.

Bassitt did, in short, everything possible to fix what ailed him. Six days later, he responded with one of the finest starts of his career, delivering eight shutout innings in a 4-0 win on Tuesday evening over Milwaukee.

“He’s a great pitcher,” Canha said. “Executing is the hardest part, right? But the change in mentality is just going to help him so much.”

The most obvious difference was Bassitt’s strike-throwing at every point in the night. Bassitt threw more strikes in Tuesday’s victory than he had total pitches last time out in San Diego. That included first-pitch strikes to 18 of the 26 batters he faced at Citi Field. His strike rate rose from 60 percent to 71 percent.

Bassitt didn’t change his pitch mix in too meaningful of a way, sprinkling in a few more curveballs, a few less sliders. But he used all six of his offerings aggressively, allowing him to face the minimum number of batters over the first four innings. By the eighth, Bassitt was still grooving, striking out four of the final five Brewers he faced to complete his longest outing as a Met.

“You could tell early on, he was aggressive,” manager Buck Showalter said. “We’ve seen the level he’s capable of pitching at, and I know how frustrating it’s been for him here lately. But guys like him, you just trust the moxie and the want-to they have. They figure it out and they make adjustments.”

For Bassitt, that meant spending significant time between starts with Nido to “get on the same page.” When regular Mets catcher James McCann landed on the injured list in May, Nido became the nominal starter, but Bassitt never spent much time talking to him about game plans or personal preferences. Instead, the veteran shook off countless pitch calls on the mound, leading to frustration from both men. It was not until their conversation last week that the two began to understand each other.

“I was able to completely break down what was going on,” Bassitt said. “I just thought me and Nido were off. We weren’t on the same page at all. The more and more I fought, the worse and worse I did.”

“Today, we went a different route and it worked,” Nido added.

All told, Bassitt produced a 7.62 ERA over a five-start stretch from May 19 through June 8, throwing to Nido in four of those outings and Mazeika in the other. Bassitt hadn’t won a game since May 8.

Following his seven-run blowup against the Padres, the right-hander struggled to define the problem. That’s where Canha, who played alongside him for six seasons in Oakland, came in. Noticing how passive Bassitt was operating in recent starts, Canha urged him to challenge hitters by trusting his stuff inside the strike zone. Pitching coach Jeremy Hefner offered similar thoughts, setting up game-like scenarios during Bassitt’s bullpen session as a way to push him to be more aggressive.

“It seemed to me like he was trying to be too careful,” Canha said. “I had a feeling that he already knew that and was already ready to make the adjustment, but I’m sure it was nice for him to hear that, just for some reassurance that somebody else saw the same thing.”

Even when the Brewers did hit the ball on Tuesday, the Mets’ improved defense had no trouble handling it. In the third inning, Brandon Nimmo made a diving catch on a sinking liner to rob Hunter Renfroe of an extra-base hit. (Statcast tracked the catch probability at 20 percent.) In the sixth, Luis Guillorme and Francisco Lindor made a nifty turn on Bassitt’s third double-play ball of the evening.

The Mets received all the offense they needed early in the evening, including two RBIs by Pete Alonso to maintain the National League lead, with 59. But the game was all about Bassitt, whose work over the last week allowed him to rediscover his rhythm.

“I really regret not doing it a couple weeks ago, but I just didn’t know,” Bassitt said. “I made a key judgment error that lasted a couple weeks. So tonight … was just freeing.”

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Joe Maddon thinks Shohei Ohtani tipped pitches vs. Yankees

Angels manager Joe Maddon has some thoughts on Shohei Ohtani’s Yankees struggles.

The Angels two-way star was roughed up in the Bronx on Thursday, getting tagged for four earned runs on eight hits — three of them homers — over 3 2/3 innings in a 6-1 loss.

“They’re really good at reading pitches, they’re really good at it,” Maddon told reporters. “I’m not accusing anybody of anything except that they’re good at it. If you’re able to acquire things through natural means, I think it’s great. There are things that pitchers do that other teams can pick up on. We need to be more vigilant.”

Shohei Ohtani may have been tipping his pitches to Yankees hitters.
Corey Sipkin
Joe Maddon was careful not to accuse the Yankees of cheating.
Getty Images

Ohtani didn’t seem to have many answers for his poor showing, either.

“They have a great lineup, and if I don’t make my pitches, they’re going to hit my pitches hard, and that’s what happened,” Ohtani said through an interpreter. “I’m not sure [if I was tipping]. You should ask the other team.”

It was the second time the Yankees had handed Ohtani a beatdown on the mound. In his first go-round, he was tagged for seven earned runs over just 2/3 of an inning on June 30, 2021, an outing which included giving up four walks.

Aaron Boone, Maddon’s Yankees counterpart, was at least willing to play along with the idea his team is good at picking up opposing pitchers’ indicators.

“I think we are,” Boone said. “We’re going to hopefully continue to be good at it.”

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French election 2022 live: Latest polls as Macron and Le Pen offer final pitches to nation

Watch live as French presidential candidate Marine Le Pen holds rally in Arras

Emmanuel Macron maintains a 12 point poll lead over Marine Le Pen, the far-right challenger in the French presidential election, after a heated television debate on Wednesday night.

As the election campaign entered its final days both candidates returned to the campaign trail to drum up what support they could before the vote on Sunday.

Mr Macron, the centrist president hoping for re-election, visited the Saint-Denis suburb of Paris while Ms Le Pen, who positions herself as a voice of the neglected working class, was in the northern industrial region of Hauts-de-France.

In Saint-Denis, the president warned the crowd against his opponent, saying: “We must not get used to the rise of far-right ideas”.

Ms Le Pen, at a rally in the city of Arras, accused Mr Macron of “unlimited arrogance” in both Wednesday’s debate and the five years of his presidency. She said he was soft on immigration and called his economic record “catastrophic”.

Leaders of Germany, Spain and Portugal backed Mr Macron on Thursday.

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Marine Le Pen pushing out messages on social media

Marine Le Pen’s Twitter account is being very active this morning, sharing clips from interviews and campaign pictures every 10 minutes or so:

“I want to fight against Islamism”

Ms Len Pen promises zero tolerance on crime and to deport foreign offenders

“I will make savings on immigration by giving child benefits only to French people, by limiting family reunification”

Zoe Tidman22 April 2022 09:41

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Macron says EU cannot allow new iron curtain

Some more from Emmanuel Macron’s media interviews this morning.

The president said the EU nations must not allow a new iron curtain to fall across the continent – but it was also important to take account of differing views within the bloc towards Russia and the war in Ukraine.

Zoe Tidman22 April 2022 08:58

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Marine Le Pen says she has ‘spent eight months trying to drag French away from abstention’

Both candidates are doing media rounds as the election approaches.

“I’ve spent eight months in this presidential campaign trying to drag French out of abstention,” Marine Le Pen said this morning.

The far-right leader said she believed the split between the French people and their representatives can be closed with “democratic utensils” including proportional representation and referendums triggered by the population itselfs.

Zoe Tidman22 April 2022 08:49

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Le Pen drawing on anger I haven’t quelled, Macron says

Emmanuel Macron has said he had not managed to quell some of the anger felt in the country and that his far-right rival Marine Le Pen was using some of that in her campaign.

“And there we have it. She has made some progress, she has covered herself up by turning this into our problem, and she has managed to draw on this,” the president – hoping to be re-elected at the weekend – told France Inter radio.

Zoe Tidman22 April 2022 08:05

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Tory and Brexit supporters back far-right Marine Le Pen, poll suggests

Conservative and Brexit supporters want far-right candidate Marine Le Pen to become president of France, a poll by YouGov has suggested.

At least 37 per cent of Tory voters backed the right-wing leader, while just 24 per cent support the centrist Emmanuel Macron.

The two will go head-to-head in a critical run-off on Sunday, with polls putting Mr Macron as little as six points ahead of his rival.

The margin is even greater among Leave voters at the 2016 Brexit referendum, who prefer Ms Le Pen over the current president by 35 per cent to 19 per cent.

Alisha Rahaman Sarkar22 April 2022 07:30

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Le Pen calls on voters to choose ‘between Macron and France’

At her final campaign rally in Arras, far-right candidate Marine Le Pen urged voters to choose between “Macron and France”.

“To block [Macron], you cannot abstain, you must vote,” she told her supporters, according to France24.

She added: “You must vote for the only front that is truly republican, the anti-Macron front.”

Slamming her opponent’s “unbounded arrogance”, Ms Le Pen projected herself as a nationalist “president who will respect the French” compared to Mr Macron “who does not like them”.

Alisha Rahaman Sarkar22 April 2022 07:00

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Macron and Le Pen make last effort to win presidential race

Incumbent French president Emmanuel Macron and Marine Le Pen made a last-ditch effort on Thursday to woo voters ahead of Sunday’s presidential election.

While Ms Le Pen headed to her stronghold in Arras, Mr Macron visited the multicultural Paris suburb of Saint-Denis, where the far-left leader Jean-Luc Mélenchon made massive inroads during the first-round vote.

According to French election rules, all campaigning must end by Friday midnight.

Following Wednesday’s fiery marathon debate, Mr Macron has a six to 13 point lead over Ms Le Pen, according to the latest opinion polls.

Alisha Rahaman Sarkar22 April 2022 06:28

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Macron warns Muslim voters against consequences of electing Le Pen

Incumbent French president Emmanuel Macron in the last leg of the campaign tried to woo disaffected left-wing voters and warned them against the consequences on the Muslim community if his far-right rival Marine Le Pen is voted to power.

While visiting the multicultural Paris commune of Saint-Denis, Mr Macron accused his rival of trying to exclude foreign citizens from social housing, Politico reported.

As an example, he said, “a young Moroccan lady who has two children, who work at the hospital, who was applauded every evening during the pandemic … with Madame Le Pen’s program, we will take away her social housing and her family benefits”.

“It’s a programme of discord,” Mr Macron added while slamming Ms Le Pen for “mixing up terrorism, insecurity, immigration, Islam and Islamism all the time”.

Alisha Rahaman Sarkar22 April 2022 05:19

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When will the French election results be announced?

France’s electorate goes to the polls on Sunday 24 April to decide who will be the next president (Joe Sommerlad writes).

An exit poll is expected to be published at 7pm GMT on Sunday with the official final results announced the following day.

Mr Macron secured 27.8 per cent of the vote 11 days ago to Ms Le Pen’s 23.1 per cent and is currently leading in opinion polls by as much as 56 per cent to 44 per cent, although Sunday’s ballot is expected to prove a close contest nonetheless.

Liam James22 April 2022 03:00

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Macron wins TV debate but sounded arrogant, say French voters

French voters believe President Emmanuel Macron was the big winner of the televised political debate with far-right challenger Marine Le Pen, but they also believe he came across as arrogant, according to a poll (Borzhou Daragahi writes).

The survey, conducted by the firm Elabe for France’s BFM television channel and L’Express magazine, indicated that 59 per cent of watchers viewed Mr Macron as the winner of the fiery confrontation with Ms Le Pen, who was seen as the winner by just 39 per cent.

The French leader, according to numerous polls, is expected to win Sunday’s vote with between 52 and 56 per cent of the vote. But Ms Le Pen, who won only a third of votes in a 2017 election match-up against Mr Macron, remains within striking distance, and a surprise victory for the challenger cannot be ruled out.

Among supporters of leftwing first-round presidential contender Jean-Luc Melenchon, 61 per cent saw Mr Macron as the winner of the debate as opposed to 36 per cent who regarded Ms Le Pen as the winner.

Liam James22 April 2022 02:00

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New York Yankees’ Nestor Cortes pitches immaculate inning, strikes out 12 batters in five innings

BALTIMORE — Nestor Cortes of the New York Yankees pitched an immaculate inning against the Baltimore Orioles, striking out the side on nine pitches in the fourth on Sunday.

Cortes retired Anthony Santander on a called strike, a foul ball and a foul tip. Then he got Ryan McKenna on a swinging strike and two called strikes. Robinson Chirinos went down on a swinging strike, a called strike and another swinging strike.

Cortes also struck out the side in the second. He had 12 strikeouts through five innings before being relieved by Chad Green in the bottom of the sixth inning with the game in a scoreless deadlock.

Cortes is the first Yankees pitcher to strike out 12 or more in an outing of five innings or fewer, according to ESPN Stats & Information. He gave up three hits and one walk.

Although the Orioles were stymied by Cortes, they had much more success against the Yankees’ bullpen, scoring five runs in the eighth inning and defeating New York 5-0. The Yankees’ Jonathan Loaisiga, who allowed four of the Orioles’ five runs, took the loss.

The Associated Press contributed to this report.



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Chris Bassitt pitches another gem in Mets’ home-opening win

Chris Bassitt has been everything the Mets envisioned, perhaps more, since his acquisition from the Athletics at the start of spring training.

In his first career start at Citi Field, the 2021 All-Star continued to excel in a rotation thriving without injured ace Jacob deGrom. Bassitt stifled the Diamondbacks over six breezy innings of one-run ball Friday in the Mets’ 10-3 win in their home opener.

Bassitt allowed one run on two hits, with two walks and six strikeouts over 98 pitches, one start after tossing six shutout innings in his team debut last Saturday in Washington.

“Yeah, it’s awesome,” Bassitt said. “A lot more obstacles to work through. But you always want to win the first one.”

Similar to complaints by Yankees ace Gerrit Cole about brief delays at their home opener in The Bronx last week, the 33-year-old Bassitt (2-0, 0.75 ERA) mentioned the pregame festivities throwing him off slightly in the first inning.

“The timing is never right. You’re supposed to be starting at 1:10, and that never happens,” he said. “So it’s more so just how do you gauge everything? But it is what it is, and you know it going in.”

Chris Bassitt
N.Y. Post: Charles Wenzelberg

Mets manager Buck Showalter believed Bassitt also might have looked “too strong” at the start, perhaps from an extra day of rest between starts. But following a one-out double by Ketel Marte and a subsequent walk to David Peralta in the opening frame, Bassitt struck out cleanup hitter Christian Walker before retiring Pavin Smith on a pop-up to squelch the threat.

Bassitt, who finished last season with a 12-4 mark and a 3.15 ERA over 27 starts for the A’s, didn’t allow another hit until Daulton Varsho homered to right leading off the sixth. The Ohio native departed that completed inning to a standing ovation from the fans behind the Mets’ dugout.

“I try to tune it out, no matter what. I feel like the emotions of all that you just try to stay even-keeled, basically,” Bassitt said about the crowd reaction. “I try to make it a normal day and not make the moment bigger than it should be.”

With Carlos Carrasco slated to pitch Saturday, the Mets’ starting staff — also featuring imported future Hall of Famer Max Scherzer — sports a league-best 1.32 ERA through a 6-2 start with deGrom opening the season on the injured list due to a shoulder issue.

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Biden pitches largest tax hike in history as part of $5.8T budget request

President Biden made a renewed push on Monday to galvanize congressional Democrats to overhaul the nation’s tax code and dramatically raise rates on corporations and ultra-wealthy Americans.

The president laid out the tax hikes as part of his $5.8 trillion budget blueprint for federal spending in fiscal 2023, which begins in October. Under his proposal, taxes would rise by $2.5 trillion, marking the largest increase in history in dollar terms. The deficit would be $1.15 trillion.

THESE STATES ROLLED BACK THEIR GASOLINE TAXES. OTHERS COULD FOLLOW

The higher taxes would largely be borne by Wall Street and the top sliver of U.S. households, in the form of a steeper corporate rate, a modified wealth tax and a global minimum tax.

“We are reducing the Trump deficits and returning our fiscal house to order,” Biden said at the White House on Monday, referring to the widening spending gap under former President Donald Trump. He said the budget “makes prudent investment and economic growth, a more equitable economy, while making sure corporations and the very wealthy pay their fair share.”

U.S. President Joe Biden addresses the 76th Session of the U.N. General Assembly on September 21, 2021, at U.N. headquarters in New York City.  ((Photo by Timothy A. Clary-Pool/Getty Images) / Getty Images)

The taxes outlined on Monday include a minimum 20% tax on the incomes of U.S. households worth $100 million or more – similar to other proposals that Democrats floated last year to pay for Biden’s massive spending plan. But those pitches fell to the wayside after talks with West Virginia Sen. Joe Manchin collapsed.

The so-called “Billionaire Minimum Income Tax” would raise $361 billion in revenue over 10 years and apply to the top 0.01% of households, or about 20,000 Americans. The White House said that roughly half the revenue stems from the country’s 700 billionaires. 

Under the proposal, the wealthiest Americans would be required to pay a tax rate of at least 20% on their full income, or the combination of wage income and whatever they made in unrealized gains. If a billionaire is not paying 20% on their income, they will owe a “top-up payment” that makes up the difference to meet the new minimum. 

RECESSION INDICATOR FLASHES RED AS PARTS OF YIELD CURVE INVERT FOR FIRST TIME SINCE 2006

Households that are paying 20% will not be required to pay an additional tax.

Because many of the ultra-rich derive their vast wealth from the soaring value of assets like stock and property – which are not considered to be taxable income unless that individual sells – they are able to legally store their fortunes and reduce their tax liability. Under current law, a gain is only taxed if and when the owner sells the asset.

Sen. Joe Manchin (D-WV) speaks to reporters before a caucus meeting with fellow Senate Democrats on Capitol Hill January 18, 2022, in Washington, DC.  (Drew Angerer/Getty Images / Getty Images)

“As a result, this new minimum tax will eliminate the ability for the unrealized income of ultra-high-net-worth households to go untaxed for decades or generations,” the White House said in the budget proposal.

Although Biden did not endorse a billionaires’ tax during the 2020 presidential campaign, he threw his support behind the idea this past year after Manchin killed a different spending plan that included tax hikes on well-off corporations and Americans earning more than $400,000.

It remains unclear whether congressional Democrats will approve of Biden’s plan to tax billionaires and ultra-millionaires. 

Night falls at the the Capitol in Washington, Thursday, Dec. 2, 2021, with the deadline to fund the government approaching.  ( (AP Photo/J. Scott Applewhite) / AP Newsroom)

Manchin called a different billionaires’ tax proposal from Sen. Ron Wyden, D-Ore., “convoluted,” but has since suggested that he could support some type of levy targeting the richest Americans.

Biden also proposed raising the corporate tax rate to 28% from 21% as part of his budget request and pitched a global minimum tax that’s designed to crack down on offshore tax havens. Arizona Sen. Kyrsten Sinema has previously said that she will not support a corporate tax increase. 

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Under his envisioned budget, the nation’s deficit would shrink by more than $1 trillion over the next decade. In fiscal year 2021, the federal deficit reached nearly $2.8 trillion, according to the Congressional Budget Office, while the national debt ballooned past $30 trillion. 

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