President Joe Biden on Tuesday proposed new taxes on the rich to help fund Medicare, saying the plan would help to extend the insurance program's solvency by 25 years and provide a degree of middle-class stability to millions of older adults.
WASHINGTON - President Joe, saying the plan would help to extend the insurance program's solvency by 25 years and provide a degree of middle-class stability to millions of older adults.is overtly declaring that the wealthy ought to shoulder a heavier tax burden. His budget would draw a direct line between those new taxes and the popular health insurance program for people older than 65, essentially asking those who've fared best in the economy to subsidize the rest of the population.
The proposal is a direct challenge to GOP lawmakers, who argue that economic growth comes from tax cuts like those pushed through by former President Donald Trump in 2017. Those cuts disproportionately favored wealthier households and companies. They contributed to higher budget deficits, when growth failed to boom as Trump had promised and the economy was then derailed in 2020 by the coronavirus pandemic.
Grover Norquist, president of Americans for Tax Reform and an advocate for the kinds of tax cuts generally favored by Republicans, said that the U.S. economy would suffer because of the president's plan.tax hikes will raise the cost of goods and services for everyone, and make American workers and businesses less competitive internationally and vs. China,” Norquist said.
“The president's plan would generate hundreds of billions of dollars - perhaps even approaching a trillion dollars - to strengthenWhite House press secretary Karine Jean-Pierre declined to discuss the numbers behind the budget plan.
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