Biden says he will save $3TRILLION with a war on the mega rich with a 25% tax on billionaires and announces plan to give all Americans $400 a year to go towards their first home
- He wants to raise corporate tax rates and increase the minimum tax for companies
- Biden wants a 25 percent tax on billionaires’ incomes
- He says his tax plans would save $3 billion over 10 years
President Joe Biden sparred with Republicans on Thursday evening over taxes on the wealthy, as he touted new proposals to raise corporate tax rates and other plans that he said would shave $3 trillion from the nation’s balance sheet.
They were some of the most sweeping policies from the State of the Union address, even though they have virtually no chance of being implemented as long as Republicans control the House of Representatives. They would even face headwinds in the Democratic Senate, where his party is fighting to stay in power in 2024.
“You know there are a thousand billionaires in America. Do you know what the average federal taxes are now for those billionaires who are making great sacrifices – 8.2 percent,” he said.
“That’s far less than the vast majority of Americans pay. No billionaire should pay lower federal taxes. than a teacher, a sanitation worker or a nurse, he said, earning applause.
He called for a minimum tax on billionaires of 25 percent.
President Joe Biden called for a minimum tax on billionaires, raising corporate taxes and limiting deductions for business jet use
“Only 25 percent,” he said. Do you know what that would accomplish? That would generate $500 billion over the next ten years. Imagine what that could mean for America,” he said, mentioning affordable childcare and paid leave.
Biden also wants to increase the minimum tax on companies and reduce deductions for business jets.
“My goal is to reduce the federal budget deficit by another $3 trillion by making big corporations very wealthy and finally paying their fair share,” in an apparent reference to the accumulated debt.
The White House plans to detail plans to eliminate $3 trillion in deficits over 10 years in the upcoming budget.
It was on tax and spending policy that he had one of his many fiery conversations with Republicans in the House.
‘We have two ways to go. Republicans can cut Social Security and get more tax breaks for the wealthy,” Biden said, pointing to efforts to expand Trump’s tax cuts.
The comment drew groans from Republicans who listened to him.
“Well, that’s the proposition,” he shot back. ‘Oh no? You don’t want another $2 trillion tax cut. I actually thought that was your plan.”
Biden’s proposed tax increases are unlikely to go anywhere in the Republican House. White House says its tax hikes on the rich would cut deficits by $3 trillion over 10 years
It was just the latest populist proposal from Biden, who won the Democratic nomination in 2020 after defeating left-wing Senators Bernie Sanders and Elizabeth Warren.
In another he said he had a annual tax break” that will give Americans $400 a month for the next two years as mortgage rates fall to supplement their mortgage when they buy their first home. Or trade for a little more space.’
The proposals come as he battles rival Donald Trump, with tax plans set to be a fierce point of contention and each candidate looking to brandish working-class appeal.
Biden wants to raise the corporate tax rate to 28 percent, and wants to increase a 15 percent minimum corporate tax rate that he helped pass when he had a Democratic House. Biden proposes to increase this percentage to “at least 21 percent” for highly profitable companies.
Even though his economic plans won’t get far in today’s divided Congress, Biden has set a campaign milestone.
‘I am a capitalist. Do you want to make a million, or millions of dollars? That is amazing. Just pay your fair share of taxes,” he said.