U.S. President Joe Biden is traveling to the swing state of Pennsylvania on Thursday to unveil a federal budget plan laden with spending proposals and higher taxes on the wealthy that forms a blueprint for his expected 2024 re-election bid.
"The president's budget details a roadmap to build on that progress and finish the job," said Shalanda Young, director of the White House Office of Management and Budget.on billionaires and doubling the capital gains tax from 20%, the White House said. Biden has also said the budget will propose quadrupling a 1% stock buyback tax, while going after corporations and rich
He said Biden could eliminate hundreds of billions of dollars from the deficit by repealing some of his policies, including a student loan forgiveness plan. "While the tax proposals that will be put forth by the administration later today are unlikely to get much traction in a divided Congress, it is the job of the president to reinforce the current administration’s view of the tax system for the American people and to keep these ideas alive in their minds as we head into the 2024 elections," he said in a statement.
White House officials say lowering the cost of childcare will boost the economy and allow more women to return to work. Such proposals also enjoy strong support and could help boost Biden's low approval ratings as he gears up announce his reelection bid this spring.
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Biden challenges Republicans with budget that raises taxes, sets up 2024 runU.S. President Joe Biden will travel to the swing-state of Pennsylvania on Thursday to unveil a federal budget plan laden with spending proposals and higher taxes on the wealthy that will form a blueprint for his expected 2024 re-election bid.
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