On Tuesday, President Joe Biden stated that his March 9th budget proposal to the U.S. Congress is going to include higher taxation for high-income earners in the country. He added that his proposal is not going to violate his promise that Americans making less than $400,000 a year will not face higher taxes.
While speaking to an audience in Virginia Beach, Virginia, Biden said that on March 9th he will provide more detailed information about his proposal. He emphasized that “no one with an income of less than $400,000 a year is going to pay a penny more in taxes.”
Biden went on to say that he was going to increase taxation for the wealthy and that “billionaires” would be the ones made to pay more.
The President is currently facing a lot of pressure from Republicans, who are adamant that they will not agree to an increase in the debt ceiling unless it is accompanied by significant spending cuts. With the upcoming proposal, Biden has promised that there would be a $2 trillion cut to the deficit within the next decade.
Biden has also called on Republicans to release proposals and has encouraged negotiations focused on these plans rather than on increasing the debt ceiling, which is necessary if the country wants to pay its existing bills. He added that if the U.S. defaults on its debts, there could be extensive damage to the country’s economy.