Taxing the rich to cut deficit: Five takeaways from President Biden's proposed budget

Contributing sentiments towards policy:

74% : And, he is calling for new plans to deny tax deductions for corporations that pay any employee more than $1 million and close a loophole that gives tax breaks to owners of corporate jets.
60% : "Social Security and Medicare Social Security and Medicare are more than government programs," said Shalanda Young, director of the Office of Management and Budget.
58% : The 2025 budget would spend 6.2% more on Social Security than the current year.
55% : The budget also proposes extending the $35-cap for a month's supply of insulin and expanding a $2,000 out-of-pocket cap on all prescription drugs beyond Medicare.
53% : "Up to now, politics has intervened," Biden said Monday in remarks to the National League of Cities.
50% : The budget proposes a plan to extend the solvency of Medicare indefinitely by increasing the Medicare tax rate on Americans who earn more than $400,000 a year, closing various tax loopholes in existing Medicare taxes and directing revenue from the Net Investment Income Tax.
50% : The budget builds on the administration's efforts to lower the cost of prescription drugs by accelerating the pace in which Medicare can negotiation directly with drug companies.
49% : But a bipartisan border security bill negotiated by the Senate was tanked by House Republicans at the request of Trump.
48% : Like last year's budget, the White House has not proposed a similar plan to extend the solvency of Social Security but has outlined steady spending increases over the next 10 years and vowed to protect the program for seniors and disabled Americans.
47% : I won't cut Social Security.
46% : I won't cut Medicare.
46% : And to lower health care costs, Biden has proposed making expanded premium tax credits from the Inflation Reduction Act permanent and providing Medicaid-like coverage to states that have not expanded Medicaid under the Affordable Care Act.
42% : Here are five takeaways on the budget:Tax hikes on corporations, billionaires to cut deficitBiden's budget proposes tax hikes on billionaires and corporations that would raise tax receipts by $4.9 trillion over the next 10 years to offset new programs, cutting the deficit by $3 trillion over the same period.
39% : Protecting Medicare and Social securityBiden, who regularly accuses Republicans of wanting to slash Medicare and Social Security, bolsters spending for both entitlement programs in his budget.
38% : On Monday, the White House seized on remarks Trump made in an interview with CNBC in which the former president said, "There is a lot you can do in terms of entitlements, in terms of cutting.
33% : Biden has proposed reversing the corporate tax rate cut that Trump and congressional Republicans passed in 2017 by raising the rate from 21% to 28%.
28% : But they allow Biden to contrast his economic agenda versus Trump's in an appeal to working-class voters.
19% : "Biden and Democrats have long attacked Republicans by warning they can't be trusted to protect Medicare and Social Security.

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