Biden argues for increased tax enforcement, including monitoring the bank accounts of the wealthy
President Biden on Thursday pitched his $3.5 trillion spending plan as a way to close the wealth gap, arguing that the economy doesn’t currently work for many Americans and that Democrats’ massive bill will fix it. Can do.
“Are we going to continue with an economy where the bulk of the profits go to the big corporations and the very wealthy or are we just going to take some time to send this country down a new path?” Biden said in remarks from the White House. “Whoever invests in this country makes real sustained economic growth and benefits everyone.”
“The data is pretty clear: The rich have gotten richer over the past 40 years, and too many corporations have lost their sense of responsibility to their workers, community, and country,” Biden said. “How is it possible for the richest billionaires in this country to completely avoid paying taxes on their earnings?”
One of the ways Biden said his plan would help close the wealth gap would be through increased tax enforcement on the wealthy, including monitoring their bank accounts.
“It will only ask for two information from these people’s banks – the amount coming into their bank accounts and the amount out of their bank accounts.” Biden said this is so they can “pay what they owe, what the current tax code calls for.”
The president said, “I’m not out to punish anyone, I’m a capitalist. If you can make a million or a billion dollars, that’s great, God bless you. All I’m asking is That you pay your fair share.”
The address comes as Democrats struggle to provide details about what will actually happen in their budget reconciliation package – the legislative vehicle that allows them to bypass the Senate filibuster and thus avoid working with Republicans. Is.
Some moderates are upset about how expensive the law is and how quickly it is being brought together. There is also disagreement over how to handle certain elements of the bill, such as SALT taxes or prescription drugs. A group of moderate Democrats, for example, voted against a drug provision on the House Energy and Commerce Committee this week.
Some moderate Republicans, meanwhile, are threatening to withdraw their votes on the bipartisan infrastructure bill in protest of how expensive the reconciliation bill is going to be.
But Biden said on Thursday that he still believes both of those bills will pass.
Biden said, “I am confident that Congress will deliver both the bipartisan infrastructure plan and the Build Back Better Plan on my desk that I have proposed. I have said many times that I believe we are at a turning point in this country. Huh.” .
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The president also hit back against criticism from Republicans that it would explode debt, arguing that it “has been paid for, it is financially responsible … by ensuring that corporations and the wealthy get their fair share.” Pay.” House Speaker Nancy Pelosi, D-Calif., exclusively said last week, “We’ll pay for more than half, probably all of the legislation.”
Biden also argued Thursday that his plan would not raise taxes on anyone earning less than $400,000 and that some economists say it would “reduce long-term inflationary pressures.”
Congress is unlikely to get a reconciliation bill on Biden’s desk until at least October and potentially even later this fall.