Instead of thinking of it as Biden’s fiscal plan for 2023, we should think of it as Biden’s list of 2024 priorities
And so, instead of thinking of it as Biden’s fiscal plan for 2023, we should think of it as Biden’s list of 2024 priorities. The key clause in this regard is, of course, the tax hikes on the wealthy, especially multimillionaires and billionaires, aiming to ensure they pay a minimum 20 percent of their income in federal taxes every year.
“No billionaire should pay less taxes than a schoolteacher,” as Biden said.
That’s one clause the Democratic base — especially progressives — will love, while Republicans will be less enthused. In this way, Biden hopes to raise over a trillion dollars over the next decade to reduce America’s national debt, which has already grown to an astronomical $31.6 trillion. As noted, these measures won’t make it through the Republican-controlled house, but it will allow Biden to run on a message of “finish the job” — i.e., give me the power and here’s what I’ll do.
A key part of his plan relates to repealing the Trump tax breaks on corporations and those earning $400,000 a year and above. Biden intends to raise taxes on both corporations and high-income earners.
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