President Joe Biden is looking to increase taxes on the ultra wealthy. It’s part of the trillion dollar federal budget. 

The proposed tax on the wealthy would go towards a few things. One being the national debt. Local financial advisor Jason Haswell says it’s a good plan in theory. 

He says realistically the country should focus on spending first. He says it’s basic accounting. Figure out the spending and then decide how much to tax. 

“Let’s decrease overall spending first and then worry about where we need to lay the taxes out. I’m not saying billionaires can’t pay more because they probably can. Let’s decrease spending and maybe look at tax increases on top 1 percent and pay that debt even faster before we start money.”

The proposed budget still has to go through Congress. Eyes turn to West Virginia Senator Joe Manchin, who did not back the first proposal.