“No billionaire should be paying a lower tax rate than a firefighter,” President Joe Biden said during a speech on Monday. Biden is expected to talk about tax hikes on Thursday, including a billionaire minimum tax and higher corporate taxes.
As he rolls out his proposed budget on Thursday in Pennsylvania, President Joe Biden looks set to call for increasing certain taxes and taking steps to bolster Medicare, along with other measures.
Biden said during a speech last week in Virginia Beach, Va., that he’s “going to raise some taxes” as he introduces his proposed budget, and he mentioned that billionaires would be targeted. He referred to the very wealthy again Monday while speaking at an International Association of Fire Fighters conference in Washington, D.C.
Regarding Medicare, a White House economic adviser, Bharat Ramamurti, noted last week that the budget would aim to “extend the solvency of Medicare by two decades” by “closing the loophole that allows wealthier people with a lot of investment income not to contribute to Medicare out of that income.” Biden and congressional committees should “do their jobs to produce budgets and lay out responsible fiscal plans for the country,” CRFB President Maya MacGuineas said in a statement on Monday.
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