President Joe Biden said that when the administration releases its budget proposal and there will be an increase in taxes. (Photo: CNBC)
President Joe Biden said that when the administration releases its budget proposal on March 9, there will be an increase in taxes. However, it will not affect Americans earning less than $400,000 per year.
Biden said, “On March the 9th, I’m going to lay down in detail every single thing — every tax that’s out there that I’m proposing — and no one over 400 — making less than $400,000 is going to pay a penny more in taxes. But lay it out by March 9th, everything, and what we’re going to cut, what we’re going to spend, what we’re going to. Just lay it on the table,” on February 28 in Virginia Beach.
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The increase in taxes is intended to pay for some of the programs enacted by the Biden administration, as well as to reduce the deficit.
In the midst of a stalemate in debt ceiling negotiations, Biden also renewed his call for Republicans to submit their own budget proposal.
“And I’ve invited them to — Republicans — that they should do the same thing: lay their proposal on the table. And we can sit down, and we can agree, disagree. We can fight it out,” he said.
Meanwhile, Republicans have yet to provide specifics about their budget proposal. On February 27, House Budget Committee Chairman Jodey Arrington issued a statement outlining his plan “for avoiding this financial Armageddon and restoring fiscal accountability to Washington.”
“First, stop the spending spree and start passing responsible budgets to curtail inflation and stabilize our economy,” he wrote. “And finally, we must work on bipartisan solutions to strengthen and save Medicare and Social Security from insolvency and, at the same time, improve the effectiveness and accountability of other mandatory spending programs driving our debt.”
READ ALSO: Biden’s Proposed Cuts To Medicare Advantage benefits: Here’s The Truth
