(StraightNews.org) – President Biden outlined a number of tax hikes during his recent State of the Union address, including a corporate tax and wealth tax increase. Lael Brainard, director of the White House National Economic Council, said Biden intends to contrast his tax proposals with Donald Trump’s and make the economy central to his White House campaign.
The President will raise the corporate tax from 21% to 28% and proposes that corporations can no longer deduct employee pay above $1 million. This will raise $270 billion over ten years.
Biden said he wants to reshape the tax system to benefit middle-class Americans and reduce living costs. Emphasizing his impact so far, the President said, “I inherited an economy that was on the brink. Now our economy is literally the envy of the world.”
Other proposals include a 25% minimum tax on unrealized income for households worth more than $100 million, which he called a billionaire tax. The President furthermore stated that he intends to end tax breaks on executive pay above $1 million and introduce a mortgage tax credit of $400 a month for two years to help families get on the property ladder or “trade up for more space.”
Beyond the economy, President Biden lashed out at “insurrectionists” and accused Republicans of trying to “bury the truth” about what happened on January 6, 2021.
Addressing Roe v Wade, Biden promised to restore abortion rights nationwide if the electorate returns a Democrat-controlled Congress. He accused Donald Trump of seeking a “national ban on abortion,” which would force rape and incest survivors to continue a pregnancy against their will.
Republican firebrand Marjorie Taylor Greene made her presence felt once again during the President’s address and yelled “liar” and “Laken Riley” as Biden spoke. An illegal immigrant murdered nursing student Riley in Georgia recently, and her death has become a flashpoint in the immigration debate. In explaining Riley’s case, Biden took the unusual step of referring to her killer as “an illegal.”
Copyright 2024, StraightNews.org
