Biden unveils massive tax hikes on the rich as part of bid to cut $3trillion of the deficit in 10 years: President's budget to include 25% tax on billionaires after warning in State of the Union the wealthy will 'pay their fair share'

President Joe Biden's budget proposal includes a 25% tax hike on billionaires, tax breaks for families, new social programs, and lower health care costs - all designed to appeal to voters as he seeks a second term.

His plan, released on Monday, will serve as important message to voters as he seeks to reassure them about his stewardship of the economy and his plans to lower the deficit.

It will also serve as a contrast between his vision for the country and that of his rival Donald Trump. 

President Joe Biden's budget plan has little chance of becoming law but will serve as an important message to voters about his plans for the economy

Among Biden's budget proposals: the deficit would be  reduced by $3 trillion over a decade, homebuyers would get a tax credit of $9,600, and parents would get a child tax credit. 

His plan also asks Congress to apply his $2,000 cap on drug costs and $35 insulin to everyone, not just people who have Medicare. And he wants Medicare to have the ability to negotiate prices on 500 prescription drugs, which could save $200 billion over 10 years.

He also targets the wealthy. 

His plan would raise the corporate tax rate to 28 percent from 21 percent. 

Biden also proposes a new minimum tax on large corporations and quadrupling a tax on stock buybacks with the goal of raising more revenue from big businesses and the wealthy to pay down the country's debt.

During the last three years, the national debt has risen from $27.8 trillion to $34.4 trillion.

The budget builds on what Biden outlined in his State of the Union address last week. And this week he'll hit the road, traveling to three battleground states - New Hampshire, Wisconsin and Michigan - to sell his plan. 

Biden's budget includes a 25% tax on billionaires like Jeff Bezos  - seen above with Lauren Sanchez at the 2024 Vanity Fair Oscar Party

Voters have repeatedly given Biden the thumb's down on his handling of the economy. An NBC News poll last month found voters trust Trump more on economic matters by 20 points. 

And a CBS/YouGov poll in February found that 55 percent said Biden's policies would make prices more expensive while only 34 percent said that of Trump's policies. 

His budget seeks to reassure a nervous electorate. Its proposals are designed to appeal to the middle class, parents, students and those against climate change.

Biden will paint Trump as the opposite - in favor of tax cuts for the wealthy.

'No billionaire should pay a lower tax rate than a teacher, a sanitation worker, a nurse,' he said in his State of the Union address last week. 

'Do you really think the wealthy and big corporations need another $2 trillion in tax breaks? I sure don't. I'm going to keep fighting like hell to make it fair!' he noted. 

House Republicans have passed their own budget proposal that would massively cut government spending, undo the Inflation Reducation Act and kill the Affordable Healthcare Plan.

And, just as Biden won't sign the Republican budget into law, they won't pass his on Capitol Hill. 

Meanwhile, Congress is still trying to fund the government for this year.  

 On Saturday, Biden signed into law a $460 billion package to avoid a shutdown of several federal agencies, but lawmakers are only about halfway through addressing spending for this fiscal year.