U.S. President Joe Biden unveiled a $6.9 trillion budget proposal on Thursday, which seeks to reduce U.S. deficits by nearly $3 trillion over the next decade, by imposing higher taxes on the wealthy and big corporations.

The administration will narrow the deficits by "making the wealthy and big corporations pay their fair share and cutting wasteful spending on Big Pharma, Big Oil, and other special interests," says the White House.

The budget proposes a minimum tax on the nation's billionaires, with a 25 percent minimum tax on the wealthiest 0.01 percent. It also includes plans to repeal the Trump tax cuts for the highest-income Americans, restoring the top tax rate of 39.6 percent for single filers making more than $400,000 a year and married couples making more than $450,000 per year.

Under the budget plan, the corporate tax rate will be hiked to 28 percent from the 21 percent imposed under former President Donald Trump. Tax rate on U.S. multinationals' foreign earnings will be raised from 10.5 percent to 21 percent.

Apart from big tax raises, the White House has also called for the elimination of billions of dollars in oil and gas industry subsidies in its budget proposal. Scrapping the subsidies is estimated to save the government nearly $31 billion over 10 years.

Despite Biden's continued efforts to cut federal deficits, more than $1 trillion of deficits is still projected yearly over the next decade by the proposed budget. It anticipates a year of slow growth for the U.S. economy, with a sharp rise in the nation's unemployment rate as inflation cools further.

Biden's budget proposal already faces stiff opposition from Republican lawmakers. Republican leaders, led by U.S House Speaker Kevin McCarthy, said in a joint statement that "President Joe Biden's budget is a reckless proposal doubling down on the same Far Left spending policies that have led to record inflation and our current debt crisis."