President Joe Biden is doubling down on his commitment to demand the wealthy pay their “fair share” after running for office in 2020 on that platform. He is now introducing new targeted measures for Americans. Two years after seizing the helm of our country, this progressive leader continues to be dedicated to tax reform and social justice.
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On February 28, President Biden spoke to the country at Virginia Beach’s Kempsville Recreation Center. He criticized Republican attempts to dismantle Obamacare and expressed anxiety at their ill-advised attempt to exert pressure on him by threatening a default on the nation’s debt unless he “accept[s] certain economic proposals”. Millions of Americans’ access to healthcare is at stake, therefore it makes sense that the President has strongly said that this is not a viable choice as we move forward in these difficult times.
The crowd was enthusiastically told by President Biden that he had discussed the upcoming budget proposal with House Speaker Kevin McCarthy (R-CA). When March 9th arrives, he pledged that no American earning less than $400,000 will have their taxes hiked. He also stated his intention to reduce the debt in our country, for which plans for new expenditure and higher taxes on individuals earning more than this amount were explored.
Recently, Joe Biden publicly stated his intention to stop the existing 3% rate for billionaires, vowing to put an end to their absurdly low tax rates. He made it abundantly apparent to the American people in his presentation on the subject that he would not be reversing his ambitious economic ambitions.
As he suggested raising taxes on those who create jobs in America, Joe Biden’s speech sparked hostilities between Democrats and Republicans. The GOP has responded that instead of raising taxes to raise money, lawmakers should concentrate on cutting expenditure to address what they see as an out-of-control government.
The Republican-controlled House of Representatives has made little indication that they would even consider such a proposal, making President Biden’s idea of raising taxes seem like a distant fantasy.
