OnPolitics: Biden's budget proposal: What do we know?

President Joe Biden is to raise taxes on wealthy Americans, but what does that look like?

Read in browser Read in browser On Politics Tue Mar 7 2023 Hi there, OnPolitics readers!  President Joe Biden is set to send his proposed budget to Congress Thursday. The White House previewed it today, sharing some details of what it will contain. Here's what we know so far.  • Who wouldn't pay more: Biden's proposal would raise taxes on wealthy Americans, but anyone making less than $400,000 a year "will not pay an additional single penny in any tax."  • Billionaires' tax? While he hasn't released any specifics on his so-called "billionaires' tax," it's likely to mirror a proposal he offered last year that called for a 20% minimum income tax on multimillionaires and billionaires.  • Medicare: The president will also propose raising the Medicare tax rate to increase the life expectancy of the program. Under this plan, the tax rate on earned and unearned income above $400,000 would increase from 3.8% to 5%.  • Corporate stock buybacks: Biden is also expected to raise the tax on corporate stock buybacks, as he called for Congress to quadruple it during his State of the Union speech in February.  🔎  Keep reading: President Joe Biden's budget proposal will include tax increases. What are they? 🚑 A plan for Medicare?: Biden budget proposal would increase Medicare tax for Americans earning more than $400K 📨 Get this newsletter in your inbox: Don't miss our politics coverage. Sign up for OnPolitics. 'Outrageous': Capitol Police chief blasts Tucker Carlson over Jan. 6 video Capitol Police Chief Thomas Manger said Tucker Carlson "cherry-picked" video from calmer moments of the Jan. 6, 2021, Capitol riot. READ MORE What we know: Dominion sued Fox News, others for election fraud claims Dominion filed a series of defamation lawsuits against key election deniers, suggesting their unfounded claims caused "severe damage" to the company. READ MORE House GOP subpoenas former school board association execs, disinformation official Jordan subpoenaed Nina Jankowicz, the former executive director of the Department of Homeland Security's disbanded Disinformation Governance Board. READ MORE Fetterman 'on his way to recovery' after hospitalized for depression Sen. John Fetterman voluntarily entered inpatient care at Walter Reed National Military Medicare Center to receive treatment for clinical depression. READ MORE Why Congress is fighting Washington DC criminal code reform Senate Republicans and some Democrats will check the power of the Washington D.C. city council in a vote Wednesday to block new criminal code reform. READ MORE In State of the state, Gov. DeSantis promises to push state further right After listing highlights of his first term – fighting COVID-19 vaccine mandates, pushing parental rights in schools – DeSantis pledged more is coming. READ MORE Sign up for the news you want Exclusive newsletters are part of your subscription, don't miss out! We're always working to add benefits for subscribers like you. SEE ALL NEWSLETTERS ➔ SEE ALL NEWSLETTERS ➔ Newsletters   |    eNewspaper   |   Crosswords Follow Us Problem viewing email? View in browser Unsubscribe  •   Manage Newsletters  •  Terms of Service  •   Privacy Policy/Your California Privacy Rights  •  Privacy Notice  •   Do Not Sell My Info/Cookie Policy  •  Feedback