Taxes Increase in the U.S
President Joe Biden is said to have included higher taxes on billionaires in his budget proposal to Congress. Despite this, the President has stated that he will not break his promise to not raise taxes on Americans earning less than $400,000 per year.
The President went on to say that by March 9, he would have laid out “every single thing” about the proposal. Furthermore, he has stated that “no one… making less than $400,000 is going to pay a penny more in taxes.” Joe Biden has also stated that he intends to raise taxes and has proposed that “billionaires” be required to pay more.
Republicans are reportedly putting pressure on Biden, threatening not to raise the US debt ceiling unless he agrees to drastic spending cuts. In the upcoming budget proposal, Joe Biden has promised to cut the said deficit by $2 trillion over ten years. On the other hand, it should be noted that during the 2020 campaign, the now-President vowed not to raise taxes on people earning less than $400,000 per year.
Joe Biden’s Call
According to reports, Joe Biden has asked the Republicans to submit their own ideas. He further advised that rather than debating whether or not the nation should raise its debt ceiling and pay its outstanding debts, it should negotiate over the aforementioned proposals. The president has justified the notion by pointing to potential economic harm from an unprecedented U.S. default.
The president’s comments were delivered in a style that the Democrats perceived as being politically competitive. This report is the most recent in a long line of occurrences that resembled campaigns and were supposedly intended to contrast Democrats and Republicans sharply. This event occurs a few weeks before Biden is predicted to declare his intention to run for office again in 2024.
The Republican lawmakers, on the other hand, have not yet finished outlining or voting on their spending plans for the upcoming fiscal year. Even still, the White House has pounced on some earlier remarks and ideas put forth by Congressmen as proof that they are hell-bent on dismantling popular voter-supported federal healthcare and old-age programs.