President Biden believes that wealthy Americans need to pay their “fair share.”
In a speech delivered at the White House, Biden shared his support for a Democrat-proposed multi-trillion dollar tax hike.
More specifically, this proposal looks to raise $2.9 in new taxes by way of raising the income tax, the corporate tax, and the investment tax. The proposal also suggests forcing an additional surtax on wealthy Americans, according to The Daily Wire.
Biden and his Democrat allies claim that if passed, this proposal would make the federal tax code more “equitable.”
“Big corporations and the very wealthy were doing very well before the pandemic. That’s why I’ve said — starting back in my campaign for president — that it’s not enough just to build back; we have to build back better than before. And that’s how it all begins,” he 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 you pay your fair share. Pay your fair share just like middle-class folks do. But that isn’t happening now.”
While it is typical for Democrat politicians and voters to claim that the wealthy do not “pay their fair share,” the statistics say otherwise.
In fact, the top 1% of Americans paid more than the bottom 90% of citizens combined, according to IRS data from 2018.
Additionally, 61% of all American taxpayers paid zero in taxes last year, and the bottom 50% of taxpayers paid less than 3% of the total income tax collected.
Small business disaster?
Many Americans fear that tax hikes for the “wealthy” will put increasing strains on small businesses, who have recently suffered catastrophic losses due to the COVID-19 lock-down restrictions.
“We’re not going to raise taxes on anyone making under $400,000. That’s a lot of money. Some of my liberal friends are saying it should be lower than that. But only corporations and people making over $400,000 a year are going to pay any additional tax…
“Not only will no one making under $400,000 see their taxes go up, the middle class are going to get some tax cuts — some breaks.”
Nevertheless, many American small businesses are classified as either sole proprietorships, LLCs, partnerships, and S-corporations. Hiking the top income tax rate could affect these businesses and their employees.