Biden administration's budget proposal would include "some tax increases"
President Joe Biden said Tuesday that the budget proposal to be sent to Congress on March 9 would include raising “some taxes,” which would affect billionaires, among other things. The president pledged not to break his promise not to raise tax rates for Americans earning less than $400,000 a year.
“On March 9, I will lay out in detail every item, every tax I propose to impose, and no one who makes less than $400,000 will pay a dime more in taxes,” Biden said, speaking in Virginia Beach.
“I want to set the record straight. I’m going to raise some taxes,” the president added, specifying that billionaires will have to pay more into the Treasury.
Under pressure from Republicans, who are threatening not to raise the national debt limit if the administration does not agree to drastic spending cuts, Biden promised to reduce the deficit by $2 trillion over 10 years in an upcoming budget proposal.
During the 2020 campaign, Biden promised not to raise taxes on people earning less than $400,000 a year.
He urged Republicans to release their own proposals and discuss those plans rather than whether the country should raise the debt ceiling and pay existing bills, citing the potential damage to the economy from an unprecedented default that could occur if the cap is not raised.
Although Republican lawmakers have not yet fully decided on or voted on their spending plans for the coming fiscal year, the White House nevertheless seized on some past statements and proposals from members of Congress as evidence that they want to cut federal health insurance programs for older Americans and retirement benefits.
Tuesday’s event focused on the state health insurance programs, Medicaid and Obamacare, based on the Affordable Care Act. Biden has pledged increased support for these and other federal programs.
Virginia Governor Glenn Youngkin criticized Biden for having the head of state visit Virginia rather than Ohio, where toxic chemicals were released after a freight train derailment.
Youngkin, who is working to raise his political profile outside of Virginia, is sometimes mentioned as a possible Republican presidential candidate in 2024. However, the governor himself has not yet confirmed that he has any such plans.
Youngkin’s victory in the 2021 gubernatorial election over Democrat and former state governor Terry McAuliffe was a blow to the Democrats. In addition, Republican candidates for other offices have shown success in Virginia. At the same time, Joe Biden beat Donald Trump by 10% in this state in 2020.
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