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Biden Vows To Make Super-wealthy Pay Fair Share Of Taxes; Hints At Middle-class Tax Cut

bidenincometaxes sep17 lt

President Joe Biden said that big corporations and the super wealthy in the United States have to start paying their fair share of taxes.

"It's long overdue," he said while delivering remarks on levelling the playing field in U.S. economy to bring down costs and ensure that the backbone of the country, the middle class, can finally get a break.

The President started by thanking the House committees for working hard this week to advance critical components of the economic plan that he has put before the Congress.

He cited some data to substantiate his point that over the past 40 years, the wealthy have gotten wealthier, and too many corporations have lost their sense of responsibility to their workers.

Today, CEOs make more than 350 times what the average worker in their corporation makes. Since the pandemic began, billionaires have seen their wealth go up by $1.8 trillion. 55 of the most profitable corporations in the U.S. paid zero in federal income taxes on what amounted to $40 billion in profit.

"While about 99 percent of working people pay the taxes they owe, people with tens of millions of dollars play by a different set of rules. Many of the top 1 percent get away with paying virtually nothing", Biden said.

According to him, the top 1 percent of the rich people in the U.S. evade an estimated $160 billion in taxes that they owe each year.

Biden said his plan would give the IRS the resources it needs to keep up with the lawyers and accountants in the super of the super-wealthy.

"It would ask just for two pieces of information from the banks of these folks: that amounts — the amounts that come into their bank accounts and what amounts go out of their bank accounts, so that the wealthy can no longer hide what they're making and they can finally begin to pay their fair share of what they owe."

He blamed the Republicans who four years ago passed the Trump tax cut totaling almost $2 trillion - a giant giveaway to the largest corporations and the top 1 percent. "Almost none of that $2 trillion tax cut was paid for. It just ballooned the federal deficit."

Biden assured that his administration is not going to raise taxes on anyone making under $400,000.

He also hinted that the middle class are going to get some tax cuts. "It's a historic middle-class tax cut, cutting taxes for over 50 million families."

Biden said his administration is taking a closer look at places in the economy where fewer and fewer corporate giants are controlling more and more of the marketplace in the area that they work.

According to forecasters like Moody's and major international financial institutions, Biden's plan will create jobs, make U.S. more competitive, help grow the economy, and lessen inflationary pressure.

Biden quoted from a letter released by 15 Nobel laureates in economics Wednesday arguing in support of this. "Because this agenda invests in long-term economic capacity and will enhance the ability of more Americans to participate productively in the economy, it will ease long-term inflationary pressures."

Biden claimed that over the last three months, on average, 750,000 new jobs per month were created, and that the economy is growing at the fastest rate seen in nearly 40 years.

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