White House confirms Biden will raise taxes on millionaires to reduce budget deficit

White House Press Secretary Karine Jean-Pierre said Thursday that Joe Biden may raise taxes on the wealthy and large corporations as part of his budget plan to be unveiled in Philadelphia on Thursday.

Jean-Pierre pre-empted the president's announcement and revealed that Biden's goal is to reduce nearly $3 trillion of the country's deficit over the next decade, a much higher figure than he promised in his State of the Union address last month.

Although she declined to elaborate on the president's plan, she made it clear that he will propose "tax reforms to ensure the wealthy and large corporations pay their fair share while cutting wasteful spending on special interests like Big Oil and Big Pharma."

Earlier the White House mentioned that it would like to quadruple the tax on corporate stock buybacks in addition to adding a new 20% tax on those whose net worth is greater than $100 million.

If Joe Biden announces those options it would mark a complete contrast with the requests made to him by House Republicans, who have called for a balanced budget that includes cuts in domestic spending.

Radical State of the Union Address

In February, the President had already shown that he intended to radicalize his policies to the left by building a "bottom-up" economy, putting a tariff control on big business and raising taxes on multimillionaires.

"The idea that, in 2020, 55 of the largest U.S. companies made $40 billion in profits and will pay zero federal income taxes. That's simply not fair. But now, because of the law I signed, multi-million dollar companies have to pay a minimum of 15%," he said at the time.