Rich Americans will pay higher taxes

President Biden made a budget proposal and he stated: ‘“I want to make it clear: I’m going to raise some taxes’. He’ll send this proposal to Congress on Thursday.

Although, people who are making less than $400,000 a year will not pay more taxes according to the president.

Congress is in charge of writing the federal budget and this step that Biden took is the beginning of different negotiations between lawmakers and the White House.

This year’s financial talks will come amid a brewing fight between Republicans from Congress and the White House over elevating the restriction on how a great deal money the federal finances can borrow. House Republicans say they won’t increase the debt ceiling until Biden is of the same opinion to sharply reduce spending.

If Congress doesn’t increase the borrowing limit, the U.S. Treasury will run out of cash to pay authorities such as Social Security and army paychecks this summer, in accordance with the nonpartisan Congressional Budget Office.

Biden called them out saying: “reward work, not just wealth” and passing his proposal for a billionaires’ minimum tax. This proposal is similar to one he proposed last year for a 20% minimal profits tax on multimillionaires and billionaires, which Biden stated would lead to a fairer tax code and would stop the nation’s very best earners from paying a smaller share than middle-class Americans.

The possibilities of such a suggestion getting thru Congress, however, are even extra far off now that Republicans are in cost of the House.

What do you think? Is Biden’s proposal a good idea?

Let me know in the comments!