Biden’s Budget Cuts Costs for Working Families and Makes Our Tax Code Fairer

By March 29, 2022No Comments

WASHINGTON — In response to President Joe Biden’s new budget proposal, Health Care for America Now Executive Director Margarida Jorge released the following statement:

President Biden’s budget puts the health and well-being of working families first through major investments in health care, education and workforce programs paid for by long-overdue taxes on the richest 0.01% of people in America and families who have at least $100 million in wealth.

Billionaires have gotten over $1.7 trillion richer during the pandemic and paid almost nothing in income taxes as average income people struggle to keep up with inflation, face higher costs on goods and services and pay higher tax rates than the richest individuals. Unless Congress takes action this year, millions of Americans will also face higher insurance premiums, rising prescription drug prices and increased costs for COVID testing and vaccines as pandemic relief measures expire.

By taxing the economic gains of the wealthiest at 20 percent, Biden’s plan would reward work rather than wealth and ensure that all Americans pay their fair share, raising more than $360 billion to reinvest in stronger, healthier communities on the ground and giving many more people an opportunity to prosper and get ahead. A fairer tax system that works for all Americans is possible if Congress takes the next step to implement these necessary reforms.