By: Kyla Mitchell
President Biden strives to tax the ultrawealthy. According to the New York Times, Biden “seeks to unify Democrats.” The President is “sick and tired of the super-wealthy and giant corporations not paying their fair share in taxes.” In the spring, Biden reported his plans to tax the rich. He declared that he would increase the corporate tax rate from 21% to 28%. Biden defended this proposal, saying, “The super-wealthy are still going to have their three homes.”
After presenting his plan, he also stated that those making $400,000 and up would see their taxes increase. Many Democrats support the raise in taxes for the rich, if this does occur it will be a part of their $3.5 trillion reconciliation bill. On the other side, Republican lawmakers are not supportive of Biden’s plan. According to INSIDER, President Biden has stated that this is needed to level the playing field, especially since the wealthy have made many significant wealth gains during the pandemic.
If this bill is passed, this will be the “biggest investment in the economic security of America’s middle class in a half-century,” as reported by The Hill. Although many support his progressive plans, some do have their worries. Some fear the electoral consequences. Reducing the size of the tax plan will lead to one of the two possible outcomes, either some of the important benefits in this bill will have to be cut to match the smaller tax increase, or the bill will add to the debt.
If Biden raises the taxes, this will create a fairness to the nation’s economy by reversing America’s growing wealth inequality. Due to Trump’s $1.9 trillion tax giveaway to the rich, the imbalance has been increasing. As the New York Times has stated, a poll was taken and there were more people who would be upset that the wealthy would not pay their fair share of taxes.
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