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Biden Reveals He Will Raise Taxes in His March 9 Budget

President Joe Biden revealed Tuesday that he will pitch raising taxes when he releases a proposed budget on March 9, but insists he will stick to his campaign promise not to hike taxes on Americans making less than $400,000 a year.

Biden made the remarks during his trip Tuesday to Virginia Beach, Virginia, in a speech that was mainly dedicated to defending the Affordable Care Act and Medicaid against Republican cuts.

‘I want to make it clear, I’m gonna raise some taxes,’ Biden said in the speech. ‘Many of you are billionaires out there. You’re going to stop paying at 3 percent.’

He said, however, that ‘no one over 400 – making less than $400,000 – is going to pay a penny more in taxes.’

Biden has agreed to cut the deficit by $2 trillion over a 10-year period so that Congressional Republicans will vote to lift the debt limit.

The U.S. will default on its debt sometime between July and September if the $31.4 trillion debt limit doesn’t get raised before then, the nonpartisan Congressional Budget Office projected last month.

Biden has challenged House Speaker Kevin McCarthy to release a Republican budget proposal so they can jointly negotiate spending cuts.

‘Instead of making threats about default, which could be catastrophic even if it doesn’t happen – because the markets around the world begin to hedge against it and it affects the economies – let’s take that off the table,’ Biden said Tuesday.

‘And let’s – let’s have a conversation about how we’re going to grow the economy, lower the costs and reduce the deficit, each of us.’

At the same time, he’s hammered Republicans for weeks on some of the proposals certain lawmakers have made, including Sen. Rick Scott’s pre-midterms pitch to have legislation ‘sunset’ every five years.

Democrats defined that to include Social Security and Medicare – something Scott denied, but later articulated on the website promoting his plan.

Older Americans tend to skew Republican, but Democrats hoped the messaging would chip some of those voters away.

Biden’s budget will be rolled out later in the year than usual and it’s unclear if he’ll address Social Security funding in it.

The Washington Post reported last week that he sat down with progressive Sen. Bernie Sanders in January, who pitched him on a way to fund the program for an additional 75 years, but that would break his pledge not to raise taxes on those making less than $400,000 annually.

Sanders’ plan called for all income, including investments, over $250,000 to be taxed to pay for Social Security.

Some Democrats suggested Biden shouldn’t get into specifics on Social Security funding because the program won’t run out until 2032 and it’s become a potent attack line.

‘There’s a faction inside the White House that feels some need to offer a plan, though I personally think that’s misplaced,’ a senior Democratic pollster told The Post. ‘Stick to our basic message: Hands off our seniors. That’s working.’

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