Washington ∙ Although Joe Biden is targeting the position of American president for the second time, there has been no official announcement yet. But political observers believe that Biden’s daily accusations against the Republican Party are just the beginning of the election campaign. They also say that Biden’s increasing popularity in opinion polls is due to the fact that the campaign department has been completely entrusted to expert strategists.
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On Thursday, Joe Biden shared a budget proposal that spelled out huge tax increases on the wealthy. The proposal calls for a 25% tax on the richest .01% of Americans. An additional $4.7 trillion in tax revenue is also targeted. The proposal is to reduce the budget deficit by 2.9 trillion dollars. Biden says he wants to roll back tax breaks imposed by President Donald Trump. Funding must be increased to maintain Medicare benefits for the elderly. If funding is increased, Medicare could last until 2050. Lowering the cost of prescription drugs is expected to lower Medicare costs. But everyone knows that this is not so easy.
The current Medicare tax is 3.8% for those with annual income over $400,000. This should be increased to five percent. The child tax credit should be increased from $2,000 to $3,600 per child. $2.8 billion should be set aside to prevent cancer deaths. $4.5 billion to curb greenhouse gas emissions. $84.2 billion for the Pentagon to stockpile nuclear weapons. There is also a proposal to increase the salary of army personnel. There is also a proposal to set aside $7.1 billion to forge new agreements with three Pacific island nations that China is trying to befriend.
Biden shared concerns that Republican lawmakers, clamoring for a balanced budget, would favor the proposals. Biden’s package is unlikely to pass the Republican-dominated House of Representatives. Democrats are likely to face major opposition in the Senate, where they hold a narrow majority. Speaker Kevin McCarthy is of the opinion that the deficit reduction proposed by the President is not enough.
English Summary: Joe Biden pitches billionaires, corporate tax hikes in US budget