Republicans in Congress should support Biden’s plans to lower costs, protect Social Security and Medicare, and make billionaires pay their fair share of taxes
Wednesday, March 13, 2024
MADISON, Wis. – President Biden’s visit to Wisconsin today comes just days after he announced new policies aimed at helping working families succeed by lowering costs, protecting key programs, and making the wealthiest Americans pay their fair share of taxes.
“President Biden is prioritizing working families and seniors by introducing common sense policies that will help Wisconsinites succeed,” said Opportunity WIsconsin Program Director Meghan Roh. “These new proposals will build on the success of the Inflation Reduction Act and Bipartisan Infrastructure Law which continue to grow our economy, lower costs, and create jobs. Now, Congress has the opportunity to make these proposals a reality. It’s time for Congressmen Bryan Steil and Derrick Van Orden to work with Democrats and support President Biden’s budget to give Wisconsin families the support they deserve.”
In his State of the Union address and FY 2025 budget proposal, President Biden outlined multiple policies that support working families and grow our economy, including:
Lowering Drug Prices: The President’s proposal would expand many of the Inflation Reduction Act’s prescription drug provisions beyond Medicare recipients, including a $35 monthly cap on insulin costs and $2,000 annual cap on out-of-pocket prescription drug costs.
Middle Class Tax Relief: The budget would cut taxes for middle- and low-income Americans by $765 billion in the next decade, including a restoration of the Child Tax Credit.
Ensuring Billionaires and Large Corporations Pay Their Fair Share: Changes to the tax structure would promote tax fairness while reducing the deficit. The President’s proposals would require billionaires to pay at least a 25 percent tax rate and crack down on wealthy tax cheats and corporations who refuse to pay their fair share.
Protecting Social Security Benefits: The budget protects Social Security benefits Americans have earned by asking the highest-income Americans to pay their fair share. The President’s plan also ensures Americans can access their benefits by making investments to improve the Social Security Administration.
Protecting and Strengthening Medicare: The President’s budget strengthens Medicare by closing loopholes in existing Medicare taxes while increasing Medicare tax rates on higher-income earners. These changes will extend the solvency of the Medicare trust fund indefinitely.
[Source: FY 2025 White House Fact Sheet]
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