President Joe Biden on Monday said corporations and the wealthiest Americans need to pay their “fair share” of taxes to help fund his $4 trillion education and infrastructure plans.
Speaking at a community college in Norfolk, Va., Biden defended his aim to raise taxes on the most well-off and on highly profitable companies as a matter of fairness for working-class Americans to provide funds for childcare, free community college educations and other provisions of his proposals.
The $1.8 trillion American Families Plan, he said, “doesn’t add a single penny to our deficit. It’s paid for my making sure that corporate America and the wealthiest 1 percent just pay their fair share.”
Biden asserted that coming from Delaware — “the corporate capital of the world” — he is “not anti-corporate.”
“But it’s about time they started paying their fair share,” he said. “It’s about making a choice. This year, you have 50 corporations making $40 billion that didn’t pay a single penny in taxes. Not a single penny.
“I don’t want to punish anybody, but everybody should chip in, everybody should pay something along the road here. The choice is about who the economy serves, and so I plan on giving tax breaks to the working-class folks and making everybody pay their fair share.”
Among the provisions of Biden’s proposal are “universal, quality-preschool” to all 3- and 4-year-olds and two years of free community college. It would also extend tax cuts benefiting lower- and middle-income workers such as the Child Tax Credit, the Earned Income Tax Credit, and the Child and Dependent Care Tax Credit.
To help pay for it, the plan would restore the top tax rate on the wealthiest Americans to 39.6% after it was cut to 37% three years ago, and end capital income tax breaks for households making more than $1 million.
“If you ask the top 1 percent to pay the same tax rate they paid in 2001 when George Bush was president, that would generate $13 billion per year,” Biden said. “That’s enough for us to take around $11 billion of that and provide for two years of community college free for every student in America.”
The president and first lady Jill Biden also visited an elementary school Monday as they touted the American Families Plan as well as a separate $2.2 trillion jobs and infrastructure plan that would be paid for in part by raising the corporate income tax.
The Virginia trip was part of Biden’s “Getting America Back on Track Tour” that began last week in Pennsylvania and expands on elements of the plans laid out in his address to a joint session of Congress.
Biden marked his 100th day in office last Thursday with a trip to Georgia and spoke at a drive-in rally in Duluth. There, he promoted his economic agenda and met with former President Jimmy Carter. He visited Philadelphia on Friday to celebrate Amtrak’s 50th anniversary and push for his infrastructure proposal, which includes $80 billion in federal funding to improve the nation’s rail transit.
Vice President Kamala Harris and other members of the administration also are planning trips across the country to pitch both spending plans. Harris will visit Milwaukee on Tuesday.
Agriculture Secretary Tom Vilsack will visit Colorado and Health and Human Services Secretary Xavier Becerra will travel to Seattle.
Biden will travel to Louisiana on Thursday as part of the tour.
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TAX, TAX, TAX, & SPEND, SPEND, SPEND Your money on ways to TAX, TAX, TAX, & SPEND, SPEND, SPEND More of Your money in order to gain TOTAL Control of YOUR Money, Life and Freedoms.
Don’t be a FOOL and let the Socialist Democrat Party lead you down the path of our own slaughter.
IF he really wanted fairness, i say fine. DO AWAY WITH THE IRS, Do away with all tax laws, loopholes, deductions, credits etc.. AND EVERYONE PAY A FLAT 10%.. PERIOD…
“I don’t want to punish anybody, but everybody should chip in, everybody should pay something along the road here.” Hey Joe, why aren’t the people who have been on welfare their whole lives paying income tax? Those parasites (except for the disabled) pay nothing in income tax. So the people on welfare do not pay their fare share, they pay nothing!!! Secondly, the top 20% of income earners pay 87% of the income tax. So the rich pay the majority of the income tax. In essence Joe, you are like the majority of the politicians, you are stupid in mathematics. Secondly, you fool Joe, when you raise corporate taxes, the consumer just pays more out of pocket for goods and services. Plus, these corporations will just move out of the Country. Send more manufacturing to China, so they can steal our intellectual property, Joe Criminal!
Also, why don’t those who have electric cars PAY FOR THE ROADS/power stations for them. OR ALL those who bike (peddle) pay for the roads..
OH AND STOP GIVING Every frakken illegal, access to everyone of our govt handouts.. PERIOD!
Fairness would imply that taxpayer remits the same percentage rate on income . (period). That isn’t true because below a certain income not tax is required often to getting a credit (I’ve heard) to eligible for a rebate? What the left really wants is a tax on wealth, money accumulated over time with the proper tax paid and managed well but out of reach to the government, of course this is money which invested creates jobs, businesses, and a myriad of other benefits which in turn do render taxes in many other forms. The income tax rate change would affect only those working for their money, punshing hard work and ambition.
Everyone should help with school funding not just homeowners and the wealthy. Say for example you live in a 1000 foot apt. What does the average 1000 ft house pay in school taxes. ????then people in the apartment should get a school tax bill for the same amount. I’m not talking about the whole property tax bill , just the school Portion. But I was told that’s racist. But I’m a senior and on a fixed income. I pay school taxes .
HOW’s about THOSE WITH KIDS IN the schools, pay for the schools.. STOP FORCING everyone else to pay for their brats.
Corporations don’t pay taxes, the cost of the tax is built into the cost of their goods and services. When taxes go up, so do the prices for those goods and services. The corporations are the tax collectors for the government and the consumers are the true taxpayers! It’s a con game played on the citizens by the politicians. Sadly most people can’t see or recognize the con being played out right in front of them. The politicians will continue to play this con game until such a time as when the citizenry wakes up and realizes what is being done to them…. if ever!
Add to that, how many times do we hear that this or that city/state has given a TAX BREAK of a few years or even up to a decade, from ALL state taxes INCLUDING PROPERTY TAXES, just to try and “tempt” a corporation to open shop there!?