On Thursday, Joe Biden, the President of America, criticized growing wealth inequality in America to strengthen support for the Democrat’s lofty policy plan, which is rapidly taking shape in the U.S. Congress as the House moves forward on sweeping plans seeking to build up country’s social safety net while increasing taxes for the affluent.
Joe Biden said that this is their moment to prove to the Americans that their administration works for them. He said it is unacceptable for fifty-five of the most profitable corporations in the United States to pay zero in taxes.
The U.S. leader said, pay your fair share. Biden asks how is it possible for the wealthy to pay a lower tax rate than law enforcement officers, firefighters, and teachers? Moreover, right then, Biden is pressurizing U.S. Congress not to increase taxes on businesses and American people making over 0.4M dollars annually but also give the Internal Revenue Service (IRS) billions to crack down on avoiding tax.
I can’t believe this has to be said, but a teacher shouldn’t pay a higher tax rate than a hedge fund manager.
— President Biden (@POTUS) September 16, 2021
Mr. Biden opened his remarks by greeting the House Ways and Means Committee that voted to proceed on asset of sweeping plans included in Biden’s 3.5T dollars package, managing for a floor vote in the coming weeks.
Read Also: Wealthiest Americans Evaded Billions in Taxes Each Year, US Treasury Department Reports
Investing 80 Bn dollars in IRS To Advance its Technology and Tax Enforcement.
On Wednesday, the House Committee on Ways and Means approved a significant part of Biden’s 3.5T dollars social spending bill, including provisions that’d increase taxes on high earning individuals and firms to make up for new spending’s cost.
Moreover, Biden provided details of a new proposal that’d require banks to report annual “inflows and outflows” with at least 600 dollars worth of transactions, giving the Internal Revenue Service a chance to take action against tax evasion.
Democrats proposed in their proposal several measures targeting high earning U.S. people, including increasing the top tax-rate to 39.6 percent from thirty-seven percent for U.S. people earning over 0.4M annually and investing eighty billion dollars in the Internal Revenue Service to assist advance its technology and tax enforcement.
Furthermore, the President proposed increasing the top capital gains taxing from 20-25 percent and the corporation tax-rate from 21-26.5 percent, targeting two opaque income sources the U.S. Treasury Department says high-income individuals commonly utilize to avoid taxes.
Read Also: House Democrats Proposed New Tax Increases To Fund Biden’s $3.5T Package