U.S. President Joe Biden will travel to the swing-state of Pennsylvania on Thursday to unveil a federal budget plan laden with spending proposals and higher taxes on the wealthy that will form a blueprint for his expected 2024 re-election bid.
A White House official, who was not authorized to speak publicly, contrasted Biden's vision with that of Republicans, saying the budget would reduce the U.S. deficit while lowering costs for families.
on billionaires and doubling the capital gains tax from 20%, the White House official said. Biden has also said the budget will propose quadrupling a 1% stock buyback tax, while going after corporations and rich individuals who skip paying taxes. White House officials say that lowering the cost of childcare will boost the economy and allow more women to return to work. Such proposals also enjoy strong support and could help boost Biden's low approval ratings as he gears up announce his reelection bid this spring.
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