g5000
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- Nov 26, 2011
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Biden set to unveil more than $2 trillion in tax hikes in budget
President Biden is set to formally propose an array of tax increases on wealthy individuals and corporations in a budget plan that he says will reduce the deficit by $2 trillion over the next decad…
thehill.com
President Biden is set to formally propose an array of tax increases on wealthy individuals and corporations in a budget plan that he says will reduce the deficit by $2 trillion over the next decade, setting up a battle royal with Republicans on Capitol Hill.
Biden told lawmakers during his State of the Union address last month that his budget will lower the deficit and extend the solvency of the Medicare Trust Fund “by making the wealthy and big corporations begin to pay their fair share.”
The White House on Tuesday unveiled a proposal to raise the Medicare surtax on earned and unearned income above $400,000 from 3.8 percent to 5 percent.
Late last month, the president proposed a new tax on wealthy households that would require individuals and families worth more than $100 million to pay a 20 percent tax on income and the unrealized gains of liquid assets such as stocks.
Now that's just stupid, taxing the value of your stocks before you have sold them. There's no way anyone will go along with that. Maybe Biden put that in there as a bargaining chip to give away in exchange for something else.
"Reduce the deficit by $2 trillion over the next decade". So what's that? Reduce our current trillion and a half dollar deficits by $200 billion a year? Whoop-dee-do!
Republicans say Biden’s budget will be dead on arrival when the president formally sends it to Capitol Hill on Thursday.
Meanwhile, Republicans have offered no plan at all to reduce our debt they helped to build.