Sunday, November 28

Biden will cut taxes on the middle class and raise them on the richest

US President Joe Biden announced Thursday that will make a tax cut that will affect some 50 million middle-class families, while it will raise them for the richest.

In a speech from the White House, Biden assured that it will be “a historic middle class tax cut“, although he did not offer details about it.

Much of his address was dedicated to lash out at big corporations and the wealthiest, to those who advised 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 the large corporations benefiting “overwhelmingly” from the growth of the economy, or follow a new path where everyone is favored.

“The data is absolutely clear: over the past 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.

“Inflection point”

And how is it possible that 55 of the nation’s largest corporations pay zero federal income tax dollars? They made about 40,000 million dollars in 2020 and paid zero, “he lamented.

For Biden, the US is currently in “a turning 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, this is the time to get workers back into the economy, the time to show Americans that the Government works for them, not only for the big corporations and those who are at the top, “he stressed.

In addition, denounced that it is estimated that the richest, which are 1% of taxpayers, evade some 116,000 million dollars to the treasury and that he intends to curb this by allocating more resources to the Tax Collection Service (IRS) to review bank accounts.

Three days ago, Democrats on a House committee proposed a tax hike for the wealthiest and for businesses that earn more than $ 5 million a year.

Democrats hope that tax hike will serve to raise $ 2.9 trillion over 10 years and pay for Biden’s social spending program, valued at 3.5 trillion dollars and that his party wants to pass in Congress before the end of the 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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