Billionaire tax hits critics as Biden pushes for budget deal
ABC News
The Democrats’ idea for a new billionaires’ tax to help pay for President Joe Biden’s social services and climate change plan is quickly running into criticism
WASHINGTON -- The Democrats' idea for a new billionaires’ tax to help pay for President Joe Biden's social services and climate change plan quickly ran into criticism as too cumbersome with some lawmakers preferring the original plan of simply raising the top tax rates on corporations and the wealthy.
Biden said Monday he’s hopeful the talks with Congress can wrap up overall agreement on the package this week. It's tallying at least $1.75 trillion, and could still be more. Biden said it would be “very, very positive to get it done” before he departs for two overseas global summits.
“That’s my hope,” the president said before leaving his home state of Delaware for a trip to New Jersey to highlight the child care proposals in the package and a related infrastructure measure. “With the grace of God and the goodwill of the neighbors.”
Resolving the revenue side is key as the Democrats scale back what had been a $3.5 trillion plan, insisting all the new spending will be fully paid for and not pile onto the debt. Biden vows any new taxes would hit only the wealthy, those earning more than $400,000 a year, or $450,000 for couples.
