Biden calls on wealthy to ‘pay their fair share’ in speech on economy

319
SHARES
2.5k
VIEWS

You Might Also Like


– Advertisement –


– Advertisement –

President Joe Biden on Thursday again pitched for his economic plan, saying America is at a turning point.

advertisement

During a 22-minute speech in the East Room of the White House, he said the economy had worked particularly well for the top 1% of Americans over the years, but not so much for everyone else.

– Advertisement –

And that disparity is only exacerbated by the COVID-19 pandemic. Many billionaires saw their net worth increase by $1.8 trillion since March 2020, while average Americans grapple with record unemployment, job instability and the threat of eviction.

Biden said the top 1% could more easily evade taxes because the IRS can’t track their income properly. Economists estimate that unpaid taxes contribute $160 billion each year.

And it’s not just the wealthy man who Biden took office on Thursday. The president said that the 55 most profitable corporations pay no federal income tax despite having $40 billion in revenue.

Even though he thinks the rich have gotten richer and corporations have lost their sense of responsibility to the community, Biden has spoken about America’s economic progress since taking office.

President Joe Biden speaks in the East Room of the White House on Wednesday, September 15, 2021 in Washington, DC, US. (Photographer: Stephanie Reynolds/Bloomberg via Getty Images)

The unemployment report has shown below unemployment claims for most weeks. His American Rescue Plan provided a new round of stimulus checks for American workers and expanded the child tax credit to include more families. And he said the US is the only developed country with a bigger economy than before the pandemic.

Still, he insisted that it is not enough for the US to rebuild what it lost in 2020. America “needs to get better.”

“Over the long run, this economy has worked out great for those at the top,” Biden said. “For ordinary Americans, the people who built this country are basically out of the deal.”

related: Senate’s $3.5T Budget: What You Need to Know

Throughout his tenure, Biden has touted his Build Back Better plan — which cuts taxes for families with children and workers while reducing costs for child care, higher education, housing, health care and prescription drugs. Will do

“This is our moment to bring working people back into the economy,” Biden explained. “This is our moment to prove to the American people that government works for them, not just big corporations and those at the top.”

The House passed Biden’s $3.5 trillion Reconstruction plan last month, but it faced an uphill battle in the Senate. Republicans are staunchly opposed to the measure – dismissing it as “far-left” and “socialism”.

He has said little to her regarding spending, noting his disdain for Biden’s recent vaccine measures. Last week, Biden signed an executive order requiring employers with more than 100 workers to obtain proof of vaccination from their employees.

Unaffiliated workers have the option of undergoing weekly testing.

Republican governors have vowed to block Biden’s executive order, calling it an exaggeration.

Biden dismissed such claims, citing polls that show a majority of Americans support vaccine mandates in schools, workplaces and places.

related: US support for vaccine mandate grows as COVID-19 concerns mount, survey finds

“These policies are what science tells us we need to do.” Biden said. “They’re going to save lives. They’re also going to protect the economy, let the economy grow.”

Senate Democrats plan to have Biden’s economic plan passed through reconciliation, meaning it only needs 51 votes and the GOP can’t use a filibuster to block it.

Still, some Democrats are confused about the bill’s price tag, which threatens to derail Biden’s proposal altogether.

More liberal senators who are in favor of the legislation have threatened to block a $1.2 trillion bipartisan infrastructure bill if moderate Democrats do not support the $3.5 trillion plan.

Biden on Wednesday met with major centrist holdouts, Sen. Joe Manchin of West Virginia and Sen. Kirsten Cinema of Arizona, who are looking to reduce the price tag significantly.

Still, Democrats appear determined not to let this moment pass. Even with their majority at risk, they are poised to move to pass the package, making it a central referendum in the 2022 midterm elections on whether voters will vote for Democrats in the White House and Congress. accept a controlling point of view.


– Advertisement –

Related News

Next Post

Leave a Reply

Your email address will not be published. Required fields are marked *

Trending News