Biden reveals he will INCREASE taxes in his March 9 budget as he ramps up war on billionaires — but insists he won’t make Americans earning less than $400,000 “pay a penny more”
- President Joe Biden revealed on Tuesday that he will pitch for a tax increase when he publishes a budget proposal on March 9
- He insisted that he will keep his campaign promise not to raise taxes on Americans earning less than $400,000 a year.
- Biden made the comments during his trip to Virginia Beach, Virginia, on Tuesday
President Joe Biden revealed on Tuesday that he will pitch for tax increases when he publishes a budget proposal on March 9, but insists he will stick to his campaign pledge not to raise taxes on Americans making less than $400,000 a year.
Biden made the remarks during his trip Tuesday to Virginia Beach, Virginia, in a speech devoted primarily to defending the Affordable Care Act and Medicaid against Republican cuts.
“I want to make it clear that I’m going to raise some taxes,” Biden said in the speech. “Many of you are billionaires. At 3 percent you don’t pay more.’
However, he said that “nobody over 400 – making less than $400,000 – is going to pay a penny more in taxes.”
Biden has agreed to reduce the deficit by $2 trillion over 10 years so that Republicans in Congress will vote to lift the debt cap.
President Joe Biden revealed Tuesday that he will pitch for a tax increase when he releases a proposed budget on March 9, but insists he will stick to his campaign pledge not to raise taxes on Americans making less than $400,000 a year
The US will default sometime between July and September if the $31.4 trillion debt limit is not raised before then, the nonpartisan Congressional Budget Office predicted last month.
Biden has challenged House Speaker Kevin McCarthy to release a Republican budget proposal so they can collectively negotiate cuts.
“Instead of threatening default, which could be catastrophic even if it doesn’t happen — because markets around the world are starting to hedge against it and it’s affecting economies — let’s take that off the table,” Biden said on Tuesday .
“And let’s — let’s talk about how we’re going to grow the economy, lower costs and reduce the deficit, each of us.”
At the same time, he’s spent weeks hammering Republicans at some of the proposals certain lawmakers have made, including Senator Rick Scott’s pre-midterms pitch to have legislation “expired” every five years.
Democrats defined that to include Social Security and Medicare — something Scott denied but later articulated on the website promoting his plan.
Older Americans tend to skew Republican, but Democrats hoped the coverage would scare away some of those voters.
Biden’s budget will roll out later in the year than usual, and it’s unclear if it will include Social Security funding.
President Joe Biden said “billionaires” will be hit by tax increases in his upcoming budget proposal. The right-wing tax foundation said in January that the top 1 percent of earners pay an average tax rate of 26 percent
That reports the Washington Post last week when he sat down with Progressive Senator Bernie Sanders in January, who briefed him on a way to fund the program for another 75 years, but that would break his promise not to tax those less earn more than $400,000 a year.
Sanders’ plan called for taxing all income, including investments, over $250,000 to pay for Social Security.
Some Democrats suggested Biden shouldn’t go into details about Social Security funding because the program doesn’t expire until 2032 and it has become a powerful line of attack.
“There is a faction in the White House that feels the need to offer a plan, although I personally think that’s misplaced,” a senior Democratic pollster told The Post. Stick to our basic message: Hands off our seniors. That works.’