No Tax Hike For People Making Less Than $400,000 Annually, Biden Reiterates

President Joe Biden reaffirmed that he will not hike tax for people making less than $400,000 annually, and vowed that he will veto Republican move to get rid of Social Security or Medicare.

“When I introduce my budget in a few weeks, you’ll see that people making less than $400,000 a year will not see a single penny increase in taxes, nor have they for the past 2 years,” he said while delivering remarks at IBEW in Lanham, Maryland.

The President spoke about the progress his administration is making in building the U.S. economy, and about his vision to grow the economy, lower costs, and reward work, not wealth while reducing the deficit.

“You’ll see that my budget will invest in America, lower costs and protect and strengthen Social Security and Medicare, while cutting the deficit by $2 Trillion over 10 years,” he told union workers gathered at IBEW.

“If you add up all the proposals that my Republican friends in Congress have offered so far, they would add another $3 trillion to the debt over 10 years,” he added.

Biden called on Republicans to “sit down and see where we agree and disagree and negotiate” on his budget proposals that he is going to lay down on March 9.

Biden claimed that his economic plan is working. “It’s reducing the deficit. It’s fiscally responsible. We got more work to do, but we’re making a lot of progress.”

“For too long, we’ve imported products and exported jobs. Now America is exporting project and creating jobs at home. Manufacturing is coming back to America.”

Biden reiterated that if anyone tries to get rid of Social Security or Medicare, he will veto it. “If that’s the Republican dream, I’m their nightmare.”

“If Republicans try to take away people’s healthcare, increase costs for middle-class families, or push Americans into poverty, I’m going to stop them”.

Biden hinted that he will restore the Child Care Tax Credit.

He blamed the Trump administration for accumulating the national debt. “Nearly 25 percent of the entire national debt accumulated over 200 years was accumulated as a consequence of the tax cuts of this last administration and other spending,” he said, referring to the previous government’s $200 billion tax cut for the wealthy and big corporations.

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