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Biden Draws Sharp Contrast With Trump in State of the Union
Tags: Current Focus, Renewal America, Leadership Skills, Climate Change Action, United States, Inequality / Upward Mobility, Women, Movement for Renewal of America, Health, Retirement, Diversity, Education, Climate, 1. Climate Change Action, 2. Cost of Living Action, 3. Income and Wages Fairness, 5. Bringing Jobs and Factories to the US, 6. Capital Allocation for Infrastructure, Goods and Services, 8. U.S. Investment by Government+ Private, 9. The Movement for Global Literacy,
On taxes instead of $100 billion a year increase in the deficit that the 2017 tax cut of Biden's predecessor cost the Treasury -which benefited average Americans only $750 a year studies show, and reduced corporate taxes from 35% to 21% shifting billions to large corporations- Biden proposed $500 billon cut in the deficit by putting a 25% tax on 1000 billionaires in the US. Biden's guarantee that no one making less than $400,000 a year would pay an extra penny in taxes. Everyone would be better off, no one worse off. His predecessor's 2017 tax cut did not increase investment spending by companies which remained same as before.
"There are 1,000 billionaires in America.
You know what the average federal tax rate for these billionaires is? 8.2 percent!
That’s far less than the vast majority of Americans pay.
No billionaire should pay a lower tax rate than a teacher, a sanitation worker, a nurse!
That’s why I’ve proposed a minimum tax of 25% for billionaires. Just 25%.
That would raise $500 Billion over the next 10 years."
Only some of it would pay for the following the rest to cut the deficit-
"Imagine what that could do for America. Imagine a future with affordable child care so millions of families can get the care they need and still go to work and help grow the economy.
Imagine a future with paid leave because no one should have to choose between working and taking care of yourself or a sick family member.
Imagine a future with home care and elder care so seniors and people living with disabilities can stay in their homes and family caregivers get paid what they deserve!
Tonight, let’s all agree once again to stand up for seniors! "
"Pay their fair share of taxes" Biden asks of corporations showing 2017 predecessor tax cuts did not increase investment and added $100 billion yearly to the US Deficit
03/08/2024
By paying their fair share of taxes Biden says in State of Union speech to US Congress 2024 one can increase investment in education, affordable childcare and better living for seniors in their homes, and still cut the deficit by hundreds of billions of dollars. What is fair share? Certainly not zero percent that 55 of the largest corporations paid on $40 billion in profits in 2020, and corporate minimum tax was introduced at levels of 15% for which most ordinary Americans are not eligible for. And certainly not 8.2% that Biden said was being paid by 1000 billionaires in the US. Not a single penny more is being asked of hard working Americans earning less than $400,000 a year. Biden said he wanted to see the corporate minimum tax at 21% not 15%, and the top corporate tax rate set at 28% not the 21% that it was reduced to in 2017 from 35%. In short his predecessor turned to help companies and billionaires profit from the popular distress of the shipping of jobs overseas and the 2009 financial crisis caused by Bank executives without investing the nation's capital resources in manufacturing at home in scale to match and exceed China's. And at the same time neglecting to do anything about the concerns of the people for ease of living- affordable access to childcare, preschool education, education, health care to match Europe/China/India in quality and cost, and aging transportation infrastructure of airports, subways, roads and bridges. The savings when this is done properly go to cut the deficit by over 4 trillion dollars and keep America as the leader of all G-20 economies.
Linked Articles
Biden Draws Sharp Contrast With Trump in State of the Union
WSJ 03/07/2024
Biden Pushes More Corporate-Tax Hikes to Draw Contrast With Trump
WSJ 03/07/2024
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