President Joe Biden intends to cut taxes on the middle class and make the wealthy pay their fair tax share, Biden said on his official Twitter page.
“The agenda I am setting is going to lower taxes for the middle class and lower the cost of living,” Biden tweeted, adding, “We will get the rich to pay their fair share of taxes.”
Biden emphasized that it was time to support the hard workers, who are the backbone of the United States of America, adding: "It's only fair that they get a push forward."
The president's comments coincided with Democrats introducing a tax reform bill that would roll back cuts made by former President Donald Trump, including raising the highest corporate tax rate to 26.5% from the current 21%, according to Reuters.
That rate is 28% lower than Biden's projection of tax reform, but higher than what the prominent Democratic senator, Joe Manchin, suggested, with 25%.
The tax reform bill is expected to raise about $3,000 billion in new tax revenue, to partially fund the $3,500 billion giant social reform plan proposed by Biden.
In addition, the project will enable to raise taxes on high-income earners from 37% to 39.6%.
It is noteworthy that President Biden had previously spoken about his tax policy, indicating that it would be in the interest of the people, while Republicans believe that “the cost of living is rising dramatically for families,” according to Bloomberg.
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