President Joe Biden has proposed a $7.3 trillion budget for the U.S. government for fiscal year 2025.

The budget calls for tax increases on large businesses and wealthy individuals to boost revenue.

It includes specific measures to target digital assets, aiming to raise nearly $10 billion in additional tax revenue by 2025.

Proposed measures seek to close tax loopholes for crypto investors and to impose an excise tax on crypto mining.

These measures are projected to reduce the national deficit by about $7 billion within the timeframe.

Final budget details will be subject to negotiation and approval by both the House of Representatives and the Senate.

The budget reaffirms support for Ukraine, Israel, and provides humanitarian aid for Palestinians, while also focusing on domestic issues like inflation and affordability of basic needs for families.