Biden Says It’s Time For Richest Americans To Pay ‘Their Fair Share’ Of Taxes
President Joe Biden has taken aim at the richest in America, saying it’s time for them to pay ‘their fair share’ of taxes.
Biden has been speaking at public events to raise awareness and support for his infrastructure and welfare spending plans. The cost of these plans is expected to be $4 trillion, but the president has a solid idea of how to find the money.
Rather than borrow the money, Biden wants to tax the super-wealthy corporations ‘their fair share’. The president also noted that ‘trickle-down economics’ is a myth, and that it does not serve the working class.
Speaking at a community college in Norfolk, Virginia on Monday, Biden discussed the logic behind increasing taxes for the extremely wealthy:
I think it’s about time we started giving tax breaks and tax benefits to working-class families and middle-class families, instead of just the very wealthy.
It is paid for by making sure corporate America and the wealthiest 1%… just pay their fair share.
The president clarified that he was not opposed to corporations, but stressed it was important to make the system fairer.
As per The Guardian, Biden used a simple question to explain his plan’s importance:
Do we want to give the wealthiest people in America another tax cut, or do you want to give every high school graduate the ability to earn a community college degree?
Biden noted that if the US got the ‘top 1% to pay the same tax rate they paid in 2001 when George Bush was president, that would generate around $13bn a year’. With this kind of revenue in mind, he stated that it was time ‘to grow the economy from the bottom up’.
The president said that if this plan were to go ahead, then child poverty could be halved this year. These kinds of results appear to be speaking to voters for both parties. Biden claimed that the bill already has ‘overwhelming support’ from Republican voters, and urged the opposition to support the plans.
Nonetheless, it seems that Republican politicians may not be as keen on the idea. Senate Minority Leader Mitch McConnell said he did not expect Republican politicians to support the bill. McConnell noted, ‘I think it’s worth talking about but I don’t think there will be any Republican support – none, zero – for the $4.1tn grab bag which has infrastructure in it but a whole lot of other stuff.’
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