US President Joe Biden.

(AFP)

[Financial Channel/Comprehensive Report] U.S. President Joe Biden said on Tuesday (February 28) that the budget proposal to be submitted to the U.S. Congress on March 9 includes some higher taxes for billionaires, but emphasized that , will not increase taxes on Americans with an annual income of less than US$400,000 (about NT$12.16 million).

"Reuters" reported that Biden said at an event in Virginia that some taxes would be raised and hinted that billionaires would be required to pay more taxes. Details will be announced on March 9. Note that Biden also emphasized that every tax he proposes will not allow any citizen with an income of less than $400,000 to pay a penny more in taxes.

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During his 2020 campaign, Biden pledged not to raise taxes on anyone earning less than $400,000 a year.

Under pressure from the Republican Party, Biden plans to cut the deficit by US$2 trillion (about NT$61 trillion) within 10 years in the upcoming budget.

Republicans have threatened not to raise the U.S. debt ceiling unless the Biden administration agrees to slash spending.

Biden is also citing the potential damage to the economy from an unprecedented U.S. default, and has asked Republicans to unveil their own proposals, allowing a bipartisan dialogue on those plans, rather than a debate on whether the U.S. should raise the debt ceiling and pay existing bills. negotiation.

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