Biden's budget shows the limits of taxing rich Americans

President Biden's budget contains $3 trillion in deficit reduction, as administration officials are eager to tout. Large as that number may seem, though, the details show the limits of trying to reduce the United States' worrying fiscal situation on the backs of the ultra-rich.

Why it matters: The U.S. is facing a large deficit as a share of the economy — even if the Biden administration were to secure the tax increases on billionaires and large corporations it seeks.

The budget sticks to the president's pledge to protect families making...