White House: Biden budget to cut the deficit by $3 trillion through tax hikes
has insisted that tax increases on the wealthy and corporations can cover his budget, reduce the deficit and bolster Medicare and Social Security.
Ms. Jean-Pierre insisted that the American public is on board with the tax increases, noting that more than 81 million cast a vote for Mr.“This is something Americans believe. They believe the wealthy and corporations should pay their fair share,” she said. “This is something the president has spoken to many times, and we see support for that.”said 680 billionaires are in the United States, and many of them are paying lower tax rates than middle-class Americans.
Among the tax increases expected to be included in the budget is raising the Medicare surtax on earned and unearned income from 3.8% to 5% for individuals making more than $400,000.proposed a new tax on high-income individuals that would require individuals and families worth more than $100 million to pay a 20% tax on income and unrealized gains of liquid assets such as stocks.
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