Biden to raise taxes on the rich
Last updated on July 18th, 2023 at 01:23 pm
President Biden cut child poverty in half with the American Rescue Plan, and he is following it up by making the wealthy pay their fair share.
Video of President Biden during an interview with ABC News:
After pointing out that every tax break in the American Rescue Plan goes to the bottom 60%, Biden told ABC News, “Anybody making more than $400,000 will see a small to significant tax increase. If you made less than $400,000 you won’t see one single penny in additional federal tax.”
Biden said his goal is to take the top rate back to the 39.6% of the George W. Bush presidency which would add $230 billion in revenue, and added, “Yet, they’re complaining that I added a tax credit for child care for the poor and the middle class.”
Not a single Republican voted to lower taxes on the bottom 60% of Americans. The Biden stimulus was a big tax cut for working people.
Fifty percent of children will be lifted out of poverty with this stimulus. The top 1.8% of Americans earn over $400,000 a year.
President Biden is suggesting a gradual tax increase depending on earnings. A family earning $400,000 will see a smaller tax increase than millionaires. The rich got a giveaway under Trump, and not it is time to give some back to help reduce child poverty in the United States.
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