President Joe Biden presented a budget aimed at the rich with new taxes, and at the same time promised to support “working families” in the country, with which he made a request for the development of the US economy in his upcoming election campaign for 2024, writes BGNES.
The details released by the White House, which Biden will present in person later in a speech in Philadelphia, throw down the gauntlet to Republicans as the president prepares the expected announcement of his re-election campaign.
Republicans in Congress are certain to block most of Biden’s proposals, arguing that spending cuts, not tax hikes, are the solution to the nation’s mounting debt problem.
But now they are under pressure to explain where they will cut costs. Meanwhile, the Democrats are trying to take a populist position by presenting themselves as the party of ordinary Americans, reported AFP.
Highlights of Biden’s budget proposal include a pledge to reduce the federal deficit by $3 trillion over the next decade.
Among the measures to achieve this goal will be a minimum 25 percent tax on the richest 0.01 percent of Americans. The corporate tax rate will rise from less than 10% to 28%, reversing a huge tax cut introduced by President Donald Trump in 2017, the White House said.
Biden also proposes raising taxes on people who earn more than $400,000 a year to ensure that Medicare, the government-funded health insurance system for people over 65, remains solvent.
“My budget will ask the rich to pay their fair share so the millions of workers who helped build that wealth can retire with the Medicare they paid for,” Biden tweeted.
