Higher Taxes In Store? Biden Hints At Hikes For Super-Rich But Promises No Increase For Those Earning Below $400K

President Joe Biden said on Tuesday his budget proposal to Congress will consider some higher taxes, including on billionaires, but will not go against his pledge not to raise rates on Americans making less than $400,000 a year.

"…I want to make it clear I'm going raise some taxes. Many of you are billionaires out there. You're going to stop paying at 3 percent. Not a joke," Biden said in Virginia, according to his remarks put out by the White House.

Also Read: How To Invest In Startups

The President also highlighted that the number of billionaires in the United States has increased to 1,000 from 600.

"The idea that they pay at a rate that is lower than the rate of a police officer, a schoolteacher, a nurse, is bizarre. You're going to see the people making less than $400,000, as I said from the very beginning, will not pay an additional single penny in any tax," he asserted.

Biden had promised not to hike taxes on Americans making less than $400,000 a year during his 2020 campaign.

Criticism: President Biden also criticized the Republicans saying their plans would explode the deficit, increasing it to more than $3 trillion over the next 10 years.

"Here's what they want to do: They want to cut taxes for the very wealthy, again. They want to cut taxes for large corporations. They want to take back the power we just gave Medicare and Medicaid to negotiate, which would raise prices. And they would have a giveaway to Big Pharma and cost taxpayers billions of dollars," he said.

Read Next: ‘Big Short’ Investor Michael Burry Thinks Biden’s Student Loan Forgiveness Will Mean ‘Terrible Consequences For America’