Increases focus on the wealthy and big corporations.
President Biden promised a budget that would accomplish many things during his State of the Union address last month, including lowering the deficit and extending the solvency of Medicare. In the formal budget, he is set to release on Thursday, he has included an array of tax increases he says will accomplish those objectives.
He is proposing to increase the surtax on earned and unearned income above $400,000 from 3.8 percent to 5 percent to benefit Medicare.
He has said his budget overall will reduce the federal deficit by $2 trillion over the next ten years.
Senate Minority Leaders Mitch McConnell of Kentucky said, “You know the president’s budget is replete with what they would do if they could… massive tax increases, more spending.” He said the proposed tax increases “will not see the light of day.”
Senate Majority Leader Chuck Schumer of New York supported the president’s budget and said the deficit would be lowered “by making the billionaires and big corporations pay their own share.” He challenged the House leadership to present their own plan to reduce the deficit.
As the Lord Leads, Pray with Us…
- For President Biden and his advisors as they release the proposed budget.
- For the Senate leaders of the majority and minority parties as they debate federal spending.
- For Speaker McCarthy and members of the House as they consider ways to reduce the deficit.
Sources: The Hill, Washington Examiner
