Wednesday, October 27

Biden to raise taxes on large fortunes while lowering them on 50 million middle-class families

The president of the United States, Joe Biden, announced this Thursday that he will make a tax cut that will affect some 50 million middle-class families, while raising them for the richest. In a speech from the White House, the president assured that it will be “a historic tax cut for the middle class”, although he did not offer details about it.

Much of his speech was dedicated to lashing out at large corporations and the wealthiest, who warned that they have to start paying “their fair share of taxes.” In this sense, he stressed that the country is currently faced with the option of continuing as before, with large corporations benefiting “overwhelmingly” from the growth of the economy, or following a new path where everything favors everyone.

“The data is absolutely clear: during the last 40 years the rich have gotten richer and too many corporations have lost a sense of responsibility towards their workers, their communities and the country,” he said. Biden pointed out that in the past there were executives of companies with a salary 20 times higher than their employees, while today they are paid 350 times more.

“And how is it possible that 55 of the largest corporations in the country pay zero dollars in federal income tax? They earned about 40,000 million dollars in 2020 and paid zero,” he lamented. For Biden, the US is currently at “a tipping point,” at a time when decisions can change the trajectory of the nation for years and decades.

“As I said when I announced that I was running (for the election), I think this is a time of great potential change, it’s time to get workers back into the economy, time to show Americans that the Government works for them, not only for large corporations and those who are at the top, “he stressed.

He also denounced that it is estimated that the richest, 1% of taxpayers, evade some 116,000 million dollars to the treasury and that he intends to put a stop to it by allocating more resources to the Tax Collection Service (IRS, in English) to review bank accounts. Democrats on a House committee three days ago proposed a tax hike for the wealthiest and for businesses that earn more than $ 5 million a year.

Democrats hope that the tax hike will raise $ 2.9 trillion over 10 years and pay for Biden’s $ 3.5 trillion social spending program that his party wants to pass in Congress before the end. of month. That plan has yet to be drafted and various Congressional committees are now looking at exactly what to include in it.



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