He also aims to raise taxes on the high earners and corporations.
On Thursday, the White House announced its upcoming budget proposal at a Philadelphia union hall. President Biden aims to cut deficits by nearly $3 trillion over the next decade.
The President mentioned allowing Medicare to negotiate on pharmaceutical drug prices, thus reducing the deficit by an estimated $160 billion in tax dollars.
This revised budget plan is significantly higher than the $2 trillion promised in Biden’s State of the Union address last month.
“My budget is going to give working people a fighting chance. It’s going to create good-paying jobs. And we can pay for these jobs by reducing the deficit two ways. Cutting $160 billion in Medicare expenses is one,” said Biden. “But we also have to ask the wealthiest and biggest corporations to begin to pay their fair share. And cutting subsidies for special interests.”
Biden said he hopes to increase the Medicare payroll tax on people making more than $400,000 per year, and plans for corporations to pay federal tax of 28 percent.
“There’s going to be a real fight on that, but we should be paying more than 21 percent,” he stated.
Media Coverage (11)
- Associated Press
- Biden budget seeks big deficit cuts in challenge to GOP
- Biden budget aims to cut deficits nearly $3T over 10 years
- Biden’s Medicare budget proposals may have some bite
- Biden’s budget set to lay groundwork for high stakes battles ahead
- Fox News
- Republicans slam Biden’s budget proposal they say is jam-packed with spending: ‘Taxes, taxes, and more taxes’
- Biden challenges Republicans with budget that raises taxes, sets up 2024 run
- Analysis: Biden’s focus on deficit in budget is targeted at Republicans
- United Press International
- Biden to unveil hotly contested budget proposal during Philadelphia speech
- Wall Street Journal
- Biden’s Budget Would Cut Deficits by $3 Trillion Over 10 Years, Raise Taxes on Businesses
- Biden Budget to Propose Saving Hundreds of Billions by Cutting Drug Prices, Fraud
- Washington Post
- Biden budget will revive sweeping plans to transform economy