President Joe Biden again called on Congress to pass the ‘billionaire minimum tax’ during Tuesday night’s State of the Union address.
‘You know there’s a thousand billionaires in America, it’s up from about 600 at the beginning of my term. But no billionaire should be paying a lower tax rate than a school teacher or firefighter,’ Biden said.
A previous version of the plan would apply a 20 percent tax rate to households with a net worth of over $100 million.
A tax of this type has been backed by progressive Sen. Elizabeth Warren and Sen. Ron Wyden, the chair of the Senate Finance Committee, but it hasn’t gotten broad support – and is even more unlikely to pass with the House now in Republican hands.
Throughout his speech Tuesday, Biden enouraged lawmakers to ‘finish the job’ – including improving upon the tax code.
President Joe Biden again called on Congress to pass the ‘billionaire minimum tax’ during Tuesday night’s State of the Union address
‘We pay for these investments in our future by finally making the wealthiest and the biggest corporations begin to pay their fair share. Just begin,’ Biden said.
‘Look, I’m a capitalist, I’m a capitalist,’ he continued. ‘But pay your fair share.’
He bypassed his audience – as the House chamber was stuffed full of lawmakers, Supreme Court justices, Cabinet officials, guests and pressed – and addressed Americans watching the speech on TV.
‘I think a lot of you at home, a lot of you at home agree with me and many people that you know – the tax system is not fair. It is not fair,’ he said.
‘Look, the idea that in 2020, 55 of the biggest companies in America – the Fortune 500 – made $40 billion in profits and paid zero in federal taxes? Zero?’ he pointed out.
At that, he got shouted at by members of the audience – as Republicans were more loud and vocal with their opposition compared to State of the Union speeches in the past.
‘Folks, that’s simply not fair, ‘ Biden continued. ‘But now, because of the law I signed, billion-dollar companies have to pay a minimum of 15 percent. God love them.’
The 15 percent corporate minimum tax was included in the Inflation Reduction Act, which also included a number of climate and healthcare initiatives.
It was passed using the Senate reconciliation process, bypassing the need to have any Republican votes.
‘Fifeteen percent,’ Biden uttered. ‘That’s less than a nurse pays.’
He reiterated his campaign pledge that no American making less than $400,000 a year would see a hike in their taxes.
‘But let’s finish the job, there’s more to do,’ he told Congress. ‘We should reward work, not just wealth. Pass my proposal for a billionaire minimum tax.’
Source: | This article originally belongs to Dailymail.co.uk