Billionaire tax takes shape as Biden pushes for budget deal

Joe Biden

President Joe Biden speaks about Afghanistan from the East Room of the White House, Monday, Aug. 16, 2021, in Washington. (AP Photo/Evan Vucci)

WASHINGTON (AP) — Democrats are working frantically to shore up the revenue side of President Joe Biden’s domestic package. They are preparing to unveil a new tax on billionaires and some companies after earlier ideas fizzled.

Biden said Monday he’s hopeful the talks with Congress can wrap up overall agreement this week, before he departs for global summits. It’s tallying at least $1.75 trillion for expanding social services and climate change strategies, and could still be more.

Democrats want the package to be fully paid for, with no debt. Biden traveled to New Jersey to promote the child care provisions and a related infrastructure bill.

Resolving the revenue side is key as the Democrats scale back what had been a $3.5 trillion plan, insisting all the new spending will be fully paid for and not pile onto the debt. Biden vows any new taxes would hit only the wealthy, those earning more than $400,000 a year, or $450,000 for couples.

“We need to get this done,” Biden said in remarks at a New Jersey transit center.

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