Connect with us

News

Biden pushes ‘historic middle-class tax cut’ for more than 50 million families, says corporations and super wealthy need to ‘pay your fair share’

Published

on

Biden pushes ‘historic middle-class tax cut’ for more than 50 million families, says corporations and super wealthy need to ‘pay your fair share’

President Biden on Thursday pitched his economic plan that he says would cut taxes for more than 50 million families, while reiterating that big corporations and the super wealthy need to “pay your fair share.”

“Not only will no one making under $400,000 see their taxes go up, the middle class are going to get some tax cuts, some breaks,” Biden said about his plan from the White House.

“My plan benefits ordinary Americans, not those at the top who don’t need the help,” he added. “It’s a historic middle-class tax cut, cutting taxes for over 50 million families.”

Congress is now mulling over a $3.5 trillion spending bill.

The president supports higher taxes for those earning at least $400,000, even as some progressives would like to see a lower threshold for higher taxes to kick in.

“We’re not going to raise taxes on anyone making under $400,000,” Biden said. “That’s a lot of money. Some of my liberal friends are saying it should be lower than that.”

Biden noted that 55 of the largest corporations paid zero dollars in federal income taxes last year, and that the top 1% evade an estimated $160 billion in taxes each year.

“Big corporations and the super wealthy have to start paying their fair share of taxes,” Biden said. “It’s long overdue. I’m not out to punish anyone. I’m a capitalist. … All I’m asking is you pay your fair share.”

“By asking big corporations and the very wealthy to pay their fair share, it makes it possible to invest in America, to invest in the American people,” the president later added.

His plan would create jobs, grow the economy and lessen inflation, he said. It would lower the cost of day care and help people go back to work, lower health care premiums for millions of families, lower prescription drug costs, and extend a tax cut for families with kids.

“All of this will mean thousands of dollars in savings for the average American family on some of the toughest and most important bills they have to pay every month,” Biden said.

google news
Click to comment