WASHINGTON - President Joe Biden is making an opening reelection salvo, March 9 in Pennsylvania, with his budget plan to slice deficits by $2.9T over ten years - a proposal the GOP will reject. It's an attempt by the president to call out House Republicans, who are calling for major cuts to spending in return for lifting the government’s legal borrowing limit. But the GOP has no counteroffer - other than "no" - to Biden's blueprint, with tax hikes on the rich, that is likely to form the backbone of Biden’s yet-to-be-declared campaign policy for reelection.
Biden wants to impose higher taxes on the rich to limit federal borrowing, and that would include a reversal of the 2017 tax cuts on people earning more than $400,000 a year. The added revenue allegedly would help shore up Medicare beyond 2050. The budget would seek to close the “carried interest” loophole for the wealthy to pay their taxes at a lower rate and prevent billionaires from setting aside a cache of holdings in tax-favored retirement accounts, according to an unnamed administration official. The plan also projects saving $24B over a decade by removing a tax subsidy for cryptocurrency transactions.
Among some of the other things in Biden's plan would: Expand Medicare's ability to negotiate pharmaceutical drug prices; reduce identity theft and unemployment insurance fraud; target insurance companies that overcharge Medicaid; end subsidies valued at $31B for oil and gas companies; and cut out a $19B tax break for real estate investors. Biden’s deficit reduction goal is much higher than the $2T he promised in the State of the Union address in February. (The AP 03/09/23)
UPDATES:
BIDEN ROLLS OUT BUDGET Biden rolls out 2024 budget amid debt ceiling showdown (msn.com)
Secretary of Defense Lloyd J. Austin III on the President's Fiscal Year 2024 Budget (DoD 03/09/23) Statement by Secretary of Defense Lloyd J. Austin III on the President's Fiscal Year 2024 Budget > U.S. Department of Defense > Release
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