On the day of the tax filing deadline, former President Donald Trump went on Truth Social to misleadingly warn that if President Joe Biden is reelected, “you will soon be facing colossal tax HIKES.” But in his latest budget proposal, Biden supports extending the tax cuts championed by Trump for people making less than $400,000.

President Biden on Tuesday rolled out a plan he says will shore up Medicare for decades, and we’re all supposed to believe the spin: looming insolvency averted. But this proposal is really a huge tax increase paired with prescription-drug rationing that does nothing to reform the health entitlement, and the tax ratchet is only beginning.

President Biden is set to formally propose an array of tax increases on wealthy individuals and corporations in a budget plan that he says will reduce the deficit by $2 trillion over the next decade, setting up a battle royal with Republicans on Capitol Hill.  

Biden told lawmakers during his State of the Union address last month that his budget will lower the deficit and extend the solvency of the Medicare Trust Fund “by making the wealthy and big corporations begin to pay their fair share.”  

Millions of Americans work their whole lives, paying into Medicare with every working day — starting with their first jobs, even as teenagers. Medicare is more than a government program. It’s the rock-solid guarantee that Americans have counted on to be there for them when they retire.

For decades, I’ve listened to my Republican friends claim that the only way to be serious about preserving Medicare is to cut benefits, including by making it a voucher program worth less and less every year. Some have threatened our economy unless I agree to benefit cuts.

The US federal government’s $1.9 trillion relief package that President Joe Biden signed on March 11 will temporarily expand the child tax credit.

This credit, currently pegged at up to $2,000 a year per child until they turn 17, will instead total $3,600 for children under 6 and $3,000 for kids up to the age of 18 over the next 12 months. Starting in July, the Internal Revenue Service will distribute half this money to most families with children in monthly payments of either $250 or $300 per child. The IRS will deliver the balance at tax time in 2022.

For more than a generation, Republicans have rallied to the flag of “kill the death tax,” and for good reason: Poll after poll shows it to be the tax that ordinary Americans find the most unfair. Democrats, understanding this, have cooperated (however reluctantly) in reducing the tax (its rate has fallen from 55 percent to 40 percent this century) and expanding the exemption to it (now as high as $25 million for a married couple). And on the state level, death taxes have all but disappeared from tax codes.

President Joe Biden reportedly wants to give the Internal Revenue Service an additional $80 billion and more authority to help crack down on tax evasion by high-earners and large corporations.

Two people familiar with the plan told The New York Times the president sees the efforts as a way to help pay for his massive economic plan.

Besides the money and increased enforcement power, Biden's proposal includes new disclosure requirements for people who own businesses not organized as corporations, and for other wealthy people who might be hiding income from the government.

President Joe Biden is planning the first major federal tax hike since 1993 to help pay for the long-term economic program designed as a follow-up to his pandemic-relief bill, according to people familiar with the matter.