President Biden said Wednesday evening that it’s time for the wealthy and corporations to start paying their “fair share” of taxes, which he plans to use to fund his $4 trillion-plus “Build Back Better” agenda.
“It’s time for corporate America and the wealthiest 1% of Americans to just begin to pay their fair share,” Mr. Biden told a joint session of Congress.
He said millionaires and billionaires should be allowed to exist.
“But pay your fair share,” he said.
Mr. Biden wants to increase the top individual income tax rate from 37% to 39.6%, essentially double the capital gains tax rate for households earning more than $1 million per year, and increase the corporate tax rate from 21% to 28% to fund his vast legislative agenda.
He vowed to deploy the IRS to “crackdown” on millionaires and billionaires trying to avoid paying taxes.
Mr. Biden said the 2017 Republican tax law, which cut the corporate rate from 35% to 21% and slashed individual tax rates across the board, didn’t have its intended effects.
“Trickle-down economics has never worked, and it’s time to grow the economy from the bottom and the middle out,” he said.
Copyright © 2021 The Washington Times, LLC.