(LibertySons.org) – President Joe Biden recently delivered his State of the Union address where he discussed many important issues affecting all Americans. He talked about the importance of stopping Russia in its quest to take over Ukraine, women’s rights, the economy, and the future of democracy in the United States. He also laid out his tax plan, which is starkly different than that of the GOP.
During his speech, Biden asked Americans if they thought the current tax structure was fair. He said the “wealthy and big corporations” get tax breaks while the rest of the citizens carry the majority of the tax load.
To combat that issue, the president said he wants to increase the corporate minimum tax from 15% to “at least 21%” and adopt a minimum 25% tax on billionaires. Currently, Biden claimed, those 1,000 billionaires are paying only 8.2% in taxes while a “teacher, a sanitation worker, [and] a nurse” pay much more. He said that isn’t fair.
Representative Jason Smith (R-MO) told Newsmax that Biden’s proposal for taxes would be the “largest tax increase” in history, includes incremental tax increases for all, and is the “wrong recipe for America.” Instead, the House Ways and Means Committee chair said he wants to see a “simpler, flatter,” and more fair tax code implemented when the 2017 Trump tax cuts expire in 2025.
Those benefits, however, were reportedly skewed toward benefitting the wealthy, real estate investors, and business owners rather than middle — and lower-class Americans. Representative Blake Moore (R-UT) disagreed with that assessment, insisting that the tax law actually grew the middle class.
Back to Biden, even if he wanted to incorporate the changes outlined in his State of the Union, he couldn’t get it done with the current divided Congress. He already tried multiple times to tax the wealthy, but his efforts failed. Stifel Investment Bank policy strategist Brian Gardner believes no matter who wins in November, taxes will be the number one agenda item for the new administration.
~Here’s to Our Liberty!
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