President Joe Biden said Tuesday that he plans to raise taxes on Americans but insists those making less than $400,000 per year will not "pay a penny more."

Biden shared the tax increase updates during a Virginia Beach speech focused on the Affordable Care Act and attacking Republicans with allegations of seeking to cut Medicaid.

Biden reveals he will RAISE taxes in his March 9 budget as he ups in war on billionaires - but insists he won't make Americans making less than $400,000 'pay a penny more' 
via https://t.co/iHZdWAFmOp https://t.co/63AfiERqtY

— Hell on Heels 🇺🇸The Original (@HellOnHeels2020) March 1, 2023

The president's words

"I want to make it clear, I'm gonna raise some taxes," Biden said during the speech. "Many of you are billionaires out there. You're going to stop paying at 3 percent."

Biden also repeated his ongoing claim that "no one over 400 - making less than $400,000 - is going to pay a penny more in taxes."

Biden: "By the way, I want to make it clear. I'm gonna raise some taxes. Many of you are billionaires out there. You're gonna stop paying 3 percent." pic.twitter.com/11aYTsMh3n

— Aaron Rupar (@atrupar) February 28, 2023

The battle with Republicans

"Biden, under pressure from Republicans who are threatening not to raise the U.S. debt limit unless he agrees to sharp spending cuts, has vowed to cut the spending deficit by $2 trillion over 10 years in the upcoming budget proposal," the Epoch Times noted.

"Biden also called on Republicans to outline their tax plan, saying that a good one would support Obamacare," he added.

“I want to make it clear. I’m gonna raise some taxes,” Biden said.

President Biden revealed an aspect of his administration’s budget proposal to Congress, saying there will be an increases in taxes for “billionaires.” https://t.co/5KYK35ZKnK

— The Epoch Times (@EpochTimes) March 2, 2023

The words come as Biden continues to move forward with his expected plans to announce a campaign for a second term in the White House. Biden, 80, already serves as the oldest serving president in the nation's history.

If he wins in 2024, he would begin his second term at the age of 82, ending his time in the White House at 86.

Biden's age and ongoing public gaffes have led many to call for him to step down from running for another term.

Rep. Ronny Jackson (TX-13), a former White House physician, is speaking out over President Joe Biden's recent physical, claiming the president is unfit to lead the nation.

Jackson shared the concerns in a recent interview with Fox News following the release of Biden's physical exam.

"The majority of Americans can see that Biden's mental health is in total decline, yet there is no transparency from the White House on what’s going on, if anything, to address this issue and his inability to do his job," Jackson told Fox News.

"Yesterday's written physical exam report released by Biden’s physician, Kevin O'Connor, further confirms that this administration is still adamant about concealing the truth," he added.

Both Biden's tax plans and his health issues are sure to continue as concerns as Americans consider their votes during the 2024 presidential election.