Biden budget proposal includes cutting deficits by $3T over next decade, tax hikes on high earners

President Biden's upcoming budget proposal will include an attempt to cut deficits by nearly $3 trillion over the next decade and reportedly includes tax increases to high-income earners. 

The Associated Press reported the deficit reduction goal early Wednesday, citing an administration official speaking on the condition of anonymity. However, the White House later in the day confirmed the report. 

The Democrat president, as part of his budget, has already said he wants to increase the Medicare payroll tax on Americans making over $400,000 annually and impose a tax on the holdings of billionaires and others with a lot of wealth, the wire service also reports.

“This is something we think is important,” White House press secretary Karine Jean-Pierre said Wednesday. "This is something that shows the American people that we take this seriously."

That deficit reduction goal is higher than the $2 trillion that Biden promised in his State of the Union address last month.

The president plans to discuss his budget proposal Thursday in Philadelphia, also according to wire service.