White House press secretary Karine Jean-Pierre, Office of Management and Budget Director Shalanda Young, and Council of Economic Advisers Chairwoman Cecilia Rouse will speak with reporters Friday afternoon in a joint press briefing.
The briefing comes after President Biden unveiled his long-awaited budget request for fiscal 2024 on Thursday, setting the stage for what is expected to be a challenging, high-stakes spending battle over the coming months.
Biden’s proposals include a “billionaire” minimum tax aimed at imposing a tax of at least 25 percent on total income for Americans whose wealth exceeds $100 million, and raising the corporate tax rate from 21 percent to 28 percent. He also called for quadrupling the stock buybacks tax and upping the tax rate on U.S. multinationals’ foreign earnings.
The proposals would undo some key provisions of the 2017 Trump tax cuts, and therefore will be a nonstarter for Republicans.
Administration officials say they are adamant they will not raise taxes on households making less than $400,000, instead calling on some of the richest individuals in the country to pay more.
The White House says the proposals would help cover $3 trillion in deficit reduction over the next decade, but it also serves to show just how much daylight stands between the administration and the GOP over how to address the debt.
The event is scheduled to begin at 2:30 p.m. ET.
Watch the video above.