WASHINGTON — President Joe Biden will outline his administration’s objective of raising taxes on the rich to reinforce the middle class and increase the economy in remarks Thursday afternoon at the White House.
A White House main informed NBC News that Biden will set out “what’s at stake in the fight to ensure that our economy delivers for middle class families, and not only for those at the top.”
“He’ll underscore that we’ve reached an inflection point where we have to choose whether or not we’re going to perpetuate an economy where the wealthiest taxpayers and biggest corporations get to play by a set of rules they’ve written for themselves while middle-class families aren’t given a fair shot,” the authorities stated.
Biden will argue that the U.S. can’t return to the method things were for the middle class prior to the coronavirus pandemic, the main continued.
“He’ll also argue that we don’t need to reduce the cost of being rich in America; we need to lower the cost of raising a child, of prescription drugs, of taking care of an aging parent, of health care, of high-speed internet and of hearing aids,” the authorities stated.
The president strategies to offer the IRS tools to punish the most affluent Americans who have actually averted paying taxes, the White House stated in truth sheet about the plan. Biden strategies to highlight that his administration will secure Americans making less than $400,000 a year.
According to the truth sheet, the leading 1 percent “chooses not to pay more than $160 billion in taxes” however “the IRS does not even have the resources to pursue evaders” due to budget plan cuts to the company that were gone by Congress. Audit rates on those making over $1 million a year fell by 80 percent in between 2011 and 2018, the White House stated.
To provide these modifications, the president is relying on Congress to pass his facilities plan, which he has actually stated would produce countless well-paying tasks, and the $3.5 trillion costs to execute his Build Back Better program to broaden the social safeguard. Democrats deal with an uphill climb to pass both pieces of legislation since of departments in between moderates and progressives.