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Biden touts his plan to tax the rich after a disappointing jobs report but says the superwealthy can still ‘have their 3 homes’

Escrito por el septiembre 4, 2021

Joe Biden wearing a suit and tie: President Joe Biden. Mandel Ngan/AFP via Getty Images© Provided by Business Insider President Joe Biden. Mandel Ngan/AFP via Getty Images

  • Biden touted his plans to tax the wealthy after a disappointing August jobs report.
  • He said even with his proposed tax increases, «the superwealthy can still have their three homes.»
  • The plan would affect those making over $400,000 to ensure the rich pay their «fair share,» he said.
  • See more stories on Insider’s business page.

After the August jobs report significantly missed expectations, President Joe Biden said Friday he would have liked to see better numbers. But he said his economic agenda will help the nation get there – particularly, his plans to raise taxes on the wealthy and corporations.

«We are going to deliver these investments without raising taxes one cent on anyone making less than $400,000 a year,» Biden said during remarks after the jobs report was released. «How are we going to do that? We’re going to do it by leveling the playing field.»

«The superwealthy are still going to be able to have their three homes,» he added.

Even though job growth in August significantly decreased from July, Biden said his economic plan is still working, given that jobs are still being added each month. He said the Delta variant is the main factor to blame for the disappointing growth and that it’s imperative that Congress pass his $1 trillion bipartisan infrastructure plan, along with the Democrats’ $3.5 trillion social welfare package, to continue advancing his economic agenda and building the middle class.

The latter, he said, comes down to his plans to raise taxes on the wealthy and corporations. When Biden first unveiled his infrastructure plan in the spring, he proposed hiking the corporate tax rate to 28% from 21%, saying at the time he was «sick and tired of ordinary people being fleeced.»

He also said, after unveiling the plan, that no one making under $400,000 a year would see their taxes raised. But while many Democrats support raising taxes on the wealthy – doing so is included in their $3.5 trillion reconciliation bill – Republican lawmakers are in strict opposition to it, which poses challenges to Biden’s agenda.

Biden also cited during his remarks the significant wealth gains the ultrawealthy have made during the pandemic as a need to level the playing field. Insider has previously reported that, according to the Institute for Policy Studies, billionaires collectively got $1.8 trillion richer during the pandemic, with Tesla CEO Elon Musk becoming 600% richer.

Bloomberg reported on Friday that Democratic lawmakers are considering a variety of tax proposals to help fund their reconciliation bill, including a tax on excess CEO pay, along with raising the corporate and individual income-tax rates.

«Somebody’s gotta pay,» Biden said. «And when those who can afford to pay aren’t paying anywhere near their fair share, it means you all are paying more.»

Read the original article on Business Insider

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