OAN Geraldyn Berry
UPDATED 6:44 PM PT – Tuesday, February 28, 2023
President Joe Biden has restated his support for a new tax that would target billionaires on Tuesday.
“I want to make it clear—I’m going to raise some taxes,” he said.
On Tuesday, President Joe Biden stated that his budget plan to Congress on March 9 will include some additional taxes, including those on billionaires, but won’t go against his promise to keep rates for those Americans earning less than $400,000 per year unchanged.
The POTUS has vowed to cut the deficit by $2 trillion over 10 years in the upcoming budget proposal after pressures from Republicans. The Republicans had threatened not to raise the U.S. debt limit unless he agrees to sharp spending cuts.
Republicans have been urged by Biden to provide their own plans for discussion rather than arguing over whether the nation should raise its debt ceiling and make current payments. He has done this in light of the potential economic harm that could result from an unprecedented U.S. default.