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Daily Briefing: Biden: 'I’m going to raise some taxes'

Nicole Fallert   | Paste BN

Americans who make more than $400,000 will see higher taxes under the proposed budget that President Joe Biden will send to Congress on Thursday. Also in the news: A report from Attorney General Merrick Garland on policing in Louisville, Kentucky, and everything you need to know ahead of Selection Sunday.

🙋🏼‍♀️ I'm Nicole Fallert, Daily Briefing author. Could a trillion-dollar coin battle the debt ceiling? The Fed chair says no.

Here's Thursday's news.

Biden says tax increases won't impact middle-class Americans

President Joe Biden says he will keep his promise not to raise taxes on middle-class Americans. People making less than $400,000 a year “will not pay an additional single penny in any tax,” he said during a trip to Virginia Beach, Virginia, last week.

One thing to know: The budget blueprint will be the first that Biden has submitted to the Republican-controlled House, which is unlikely to go along with his proposal to raise some taxes. Congress is in charge of writing the federal budget, and Biden’s spending plan will become the starting point for negotiations between lawmakers and the White House.

  • Boosting Medicare: Biden is asking wealthy Americans to pay a higher Medicare tax rate to increase the life expectancy of the program, which is projected to become insolvent in 2028.
  • This year’s budget talks come amid a brewing battle between congressional Republicans and the White House over raising the limit on how much money the federal budget can borrow. House Republicans say they won’t raise the debt ceiling unless Biden agrees to sharply cut spending.
  • What is Biden’s billionaires' tax? Biden will likely present a tax that mirrors a proposal that he offered last year. That plan called for a 20% minimum income tax on multimillionaires and billionaires.
  • Forcing Republicans' hand: Biden, vowing to strengthen Medicare and Social Security, wants to draw a contrast with Republicans by posing a simple question: Here's my plan. Where's yours?

Memphis judge blocks release of 20 hours of video related to Tyre Nichols

A Memphis judge ruled nearly 20 hours of additional footage and internal documents related to the city's investigation into the death of 29-year-old Tyre Nichols cannot be released until the lawyers for the five former Memphis police officers charged in his death have seen the new video. It's unclear what the additional video will show or when it will be released, but it may answer one looming question about the night Nichols was beaten: Why did police pull Nichols over to begin with? Read more

More news to know now

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Norfolk Southern CEO to apologize to Senate for Ohio train derailment

Norfolk Southern CEO Alan Shaw will face a U.S. Senate panel Thursday as his company contends with increased scrutiny over a train derailment in East Palestine, Ohio, last month. The hearing follows the National Transportation Safety Board's announcement of its investigation into Norfolk Southern's safety practices. In prepared remarks on Wednesday, Shaw expressed remorse over the East Palestine derailment that spilled toxic chemicals into the environment. While officials have said the air and village water system are now safe, residents remain worried about their community and have reported various health issues. Read more

AG Merrick Garland issues scathing report into Louisville police practices

Three years after Breonna Taylor was shot and and killed in her apartment in Louisville, Kentucky, U.S. Attorney General Merrick Garland released a blistering report Wednesday finding that the city and its police department have violated the constitutional rights of its citizens, particularly Black people. Garland also announced Louisville has agreed “in principle” to forge a consent decree that will be enforced by a federal judge who will monitor the city’s progress in adopting reforms. Read more

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Syracuse coach Jim Boeheim steps down after 47th season

Syracuse University announced Jim Boeheim’s 47th season helming the school's famed men's basketball program would be his last. Adrian Autry, a former player and long-time assistant for Boeheim, was tapped to take over the program. The change in leadership comes at a busy time for college basketball. Across the country, men's conference tournaments will be held with the 32 winners in each league receiving automatic invitations to the NCAA tournament. The rest of the available spots in the 68-team field will be filled when the selection committee reveals its bracket on Selection Sunday on March 12. Read more about Boeheim's career.

One more thing

📷 Photo of the day: International Women's Day around the world 📷

People across the globe gathered Wednesday to mark International Women's Day, raising awareness for issues like abortion access and the gender pay gap. The day included celebrations, too, recognizing gender equality achievements and changemakers. Click here to see more photos from the day and click here for coverage on the #IWD ceremony at the White House.

Nicole Fallert is a newsletter writer at Paste BN, sign up for the email here. Want to send Nicole a note? Shoot her an email at NFallert@usatoday.com or follow along with her musings on Twitter. Support journalism like this – subscribe to Paste BN here.

Associated Press contributed reporting.

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