Biden Introduces New Tax Plan To Pay For Ambitious Agenda In US Economy


Biden Introduces New Tax Plan To Pay For Ambitious Agenda In US Economy

As part of his Build Back Better agenda, President Biden talked Thursday about his plan to raise taxes on the affluent and big corporations to “level the playing field” for middle-class Americans, while also emphasizing that “we still have a long way to go to get the economy where it needs to be.”

Biden said that taxing big corporations and the affluent equitably is “far time.”

“Let me ask you this: where is it written in the American tax system that all tax advantages go to companies and the extremely wealthy? From the White House, he declared, “I think it’s enough; I’m tired of it.”

“The statistics is quite clear: the affluent have gotten wealthier over the last 40 years, and too many firms have lost their sense of duty to their workers, communities, and country,” President Biden says.

President Biden lays forth his strategy for investing in infrastructure to strengthen the country’s resilience to climate disasters: “I hope we’ve moved on from the debate over climate change in our nation. Now is the time to act, and we must act quickly.”

On his plan, President Biden says, “It’s a historic middle-class tax cut, slashing taxes for nearly 50 million families.” “However, my Republican pals have made a different decision. They would rather safeguard the tax breaks of the wealthy than grant tax breaks to middle-class families.”

“How is it possible that the country’s wealthiest billionaires can completely avoid paying income taxes on their earnings? For a long time, this economy has benefited the wealthiest among us. “The folks who built this country, ordinary, hardworking Americans, have been essentially taken out of the deal,” Biden added.

The Senate has been working on a $3.5 trillion human infrastructure bill this summer, which will fund a variety of programs that will benefit all Americans, including paid leave, free community college, universal pre-K, childcare, healthcare, combating climate change, and expanding Medicare to include dental, vision, and hearing.

Biden intends to hike taxes on those earning more than $400,000 per year from 37 percent to 39.6 percent, boost the corporation tax rate from 21 percent to 26.5 percent, and increase the capital gains tax from 20 percent to 25 percent to pay for the ambitious package. According to the partnership, the proposed reforms would raise $2 trillion over a decade. Brief News from Washington Newsday.


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