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Saturday, March 25, 2023

Biden administration’s budget proposal will include an increase in ‘certain taxes’

President Joe Biden said on Tuesday that the budget proposal, which will be sent to Congress on March 9, will include an increase in “certain taxes”, which, among other things, will affect billionaires. The president has vowed not to break his promise not to raise tax rates for Americans earning less than $400,000 a year.

“On March 9, I will detail every item, every tax that I propose, and no one who makes less than $400,000 will pay a penny more in taxes,” Biden said, speaking in Virginia Beach.

“I want to clarify the situation. I will raise taxes,” the president added, adding that billionaires will have to pay more to the treasury.

Under pressure from Republicans threatening not to raise the debt ceiling unless the administration agrees to drastic spending cuts, Biden has pledged to cut the deficit by $2 trillion over 10 years in a forthcoming budget proposal.

During the 2020 presidential campaign, Biden pledged 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 possible damage to the economy from a default without precedent that could arise if the cap were not raised.

While Republican lawmakers have yet to fully decide and vote on their spending plans for the upcoming fiscal year, the White House has nonetheless seized on some past statements and proposals from members of Congress as proof that they want cut federal health insurance programs for older Americans. and retirement benefits.

Tuesday’s event was dedicated to state health insurance programs Medicaid and Obamacare based on the Affordable Care Act. Biden has promised to increase support for these and other federal programs.

Virginia Governor Glenn Youngkin, a member of the Republican Party, was asked to greet Biden on the track before the start of the event, but declined the offer, an insider told Reuters.

On Tuesday, Youngkin criticized Biden for visiting Virginia rather than Ohio, where toxic chemicals were released after a freight train derailed.

Youngkin, who is striving to raise his political profile outside of Virginia, is sometimes cited as a possible Republican candidate for president in 2024. However, the governor himself has yet to confirm the existence of such plans. .

Youngkin’s victory in the 2021 gubernatorial election over Democrat and former head of state Terry McAuliffe was a blow for Democrats. Additionally, Republican candidates for other offices have had election successes in Virginia. Meanwhile, in 2020 in that state, Joe Biden outperformed Donald Trump by 10%.

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