During his joint address to Congress on Wednesday, President Biden spoke of the need to tax the ultra-wealthy to fix economic inequality in the U.S.
Why it matters: Biden wants to use tax hikes on the rich to pay for his American Jobs Plan and American Families Plan. This philosophy has been a sticking point for many Republicans.
The big picture: Biden noted that tax cuts during the Trump administration were a boon to corporations and wealthy Americans and the pandemic has only increased economic inequality in the U.S.
Biden's plans, he argued, would invest in the "human infrastructure" that allows for the growth of the middle class and raising people out of poverty.
What he's saying: "I will not add to the tax burden of the middle class of this country. They’re already paying enough."
"What I’ve proposed is fair. It’s fiscally responsible."
"My fellow Americans, trickle-down economics has never worked," Biden said.
"It’s time to grow the economy from the bottom up and middle-out."
"A broad consensus of economists – left, right, center – agree that what I’m proposing will help create millions of jobs and generate historic economic growth."
Marvin_Frommars on April 29th, 2021 at 03:39 UTC »
"It’s time to grow the economy from the bottom up and middle-out."
Someone's a Silicon Valley fan.
Boleen on April 29th, 2021 at 02:57 UTC »
Even Bush Sr knew it was bullshit
FusterCluck4 on April 29th, 2021 at 02:54 UTC »
I loved that he said it out loud on that stage.