President Joe Biden reaffirmed that he will not hike tax for people making less than $400,000 annually, and vowed that he will veto Republican move to get rid of Social Security or Medicare.
"When I introduce my budget in a few weeks, you'll see that people making less than $400,000 a year will not see a single penny increase in taxes, nor have they for the past 2 years," he said while delivering remarks at IBEW in Lanham, Maryland.
For comments and feedback contact: editorial@rttnews.com
Business News
May 08, 2026 15:50 ET Manufacturing and services sector survey results and labor market data from main economies were the highlight on the economics news front this week. Factory orders and jobs report dominated the news flow in the U.S. Similarly, industrial production data from German garnered attention in Europe. In Asia, purchasing managers’ survey results from China and the central bank decision from Australia were in focus.