Saturday, October 16

Biden reiterates that he will raise taxes on those who earn $ 400,000 or more

(CNN) — US President Joe Biden reiterated that he intends to raise taxes for the wealthiest Americans. During an ABC News interview broadcast on Wednesday, the president spoke about his plans. “Anyone who makes more than $ 400,000 a year will have a tax increase, which will be small to significant,” explained Biden. He also promised that people earning less than $ 400,000 – that is, more than 90% of taxpayers–– “they won’t pay an extra penny in federal taxes.”

The president said Republicans’ criticism of his $ 1.9 trillion COVID-19 relief bill stems from his plan’s tax breaks going to the lowest 60% of the population. While the “idea” of the Republicans “of a tax cut is to grant the Trump tax cut in which 83% went to the top 1% of the United States population,” he said.

Biden acknowledged that he may not get any Republican support for a tax increase, but said he will “get Democratic votes.” He then added that he believes that the Senate’s obstructionist tactics should return to those that are “dialogue. But, he did not say that he wants the 60-vote threshold removed to end debate on the bills. Something that could make a tax increase without Republican votes unlikely.

“If we go back to the tax rate from when (George W.) Bush was president, the top rate paid 39.6% in federal taxes. That would raise $ 230 billion. However, are they complaining because I am handing out a child care tax benefit? For the poor? For the middle class? ”Biden added.

The difference in tax discounts with Trump and Biden 2:00

The president presented several proposals during his presidential campaign that would increase taxes for the wealthy and corporations, by reversing some of the tax cuts. that Trump enacted in 2017.

On Monday, White House press secretary Jen Psaki said that Biden believes that “those at the top are not doing their part.” And “obviously corporations could be paying higher taxes,” he added.

Treasury Secretary Janet Yellen suggested Sunday that a tax hike would be on the horizon, when she said she expects the White House to come up with proposals to control deficits.

“(Biden) has not proposed a wealth tax. But, he has proposed that corporations and wealthy people pay more to meet the needs of the economy, the spending that we have to do. And, over time, I hope we come up with proposals to control deficits, “Yellen told ABC.

The president had also proposed changing the way 401 (k) retirement savings accounts are treated in the tax code. This in order to give low-income people a greater upfront tax exemption.

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