Biden declares war on America’s rich by urging Congress to pass a ‘billion-dollar minimum tax’

President Joe Biden again called on Congress to pass the ‘billion dollar minimum tax’ during Tuesday night’s State of the Union address.

‘You know there are a thousand billionaires in America, that’s more than about 600 at the start of my term. But no billionaire should pay a lower tax rate than a school teacher or a firefighter,” Biden said.

An earlier version of the plan would apply a 20 percent tax rate to households with a net worth of more than $100 million.

Such a tax has been backed by progressive Sen. Elizabeth Warren and Sen. Ron Wyden, chairman of the Senate Finance Committee, but has not won broad support, and is even more unlikely to pass with the now-Republican House. hands.

Throughout his speech on Tuesday, Biden encouraged lawmakers to “finish the job,” including improving the tax code.

‘We pay for these investments in our future by getting the biggest and richest corporations to finally start paying their fair share. Just get started,” Biden said.

‘Look, I’m a capitalist, I’m a capitalist,’ he continued. But pay what corresponds to you.

He bypassed his audience, as the House chamber was packed with lawmakers, Supreme Court justices, cabinet officials, guests and press, and addressed Americans watching the speech on television.

‘I think a lot of you at home, a lot of you at home agree with me and a lot of people you know: the tax system is not fair. It’s not fair,’ she said.

‘Look, the idea that in 2020, 55 of the largest companies in America, the Fortune 500, made $40 billion in profit and paid zero federal taxes? Zero?’ she pointed out.

He was yelled at by members of the audience, as Republicans were louder and more vocal with their opposition compared to State of the Union addresses in the past.

“Folks, that’s just not fair,” Biden continued. ‘But now, because of the law I signed, multi-billion dollar companies have to pay a minimum of 15 percent. God loves you.’

The 15 percent corporate minimum tax was included in the Reduce Inflation Act, which also included a number of health care and climate initiatives.

It was passed through the Senate reconciliation process, without having to count on Republican votes.

‘Fifteen percent,’ Biden uttered. That’s less than what a nurse pays.

He reiterated his campaign promise that no American making less than $400,000 a year would see his taxes increased.

“But let’s finish the job, there is more to do,” he told Congress. ‘We should reward work, not just wealth. Approve my proposal for a multi-million dollar minimum tax.