Biden Blasts Billionaires, Joe Biden, White House, Democrats, United States

Biden Blasts Billionaires, Joe Biden

Biden Blasts Billionaires And Corporations Evading Taxes In Push For Democrats’ $3.5 Trillion Budget

Biden blasted billionaires and corporations evading taxes in a push for Democrats' $3.5 trillion budget

9/17/2021 2:00:00 PM

Biden blasted billionaires and corporations evading taxes in a push for Democrats ' $3.5 trillion budget

“If you can make a billion dollars, that’s great, but all I ask is that you pay your fair share, and that’s not happening,” Biden said Thursday.

Biden opened his comments by thanking the House committee thatWednesday to move forward on a set of sweeping tax proposals included in the Democrats’ $3.5 trillion budget package, setting the stage for a floor vote in the next few weeks.He also detailed a new

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proposalthat would require banks to report annual inflows and outflows from bank accounts with at least $600 worth of transactions, giving the Internal Revenue Service an opportunity to crack down on potential tax evasion. In their plan, Democrats proposed a slew of measures targeting high-income Americans, including hiking the top income tax rate to 39.6% from 37% for Americans making more than $400,000 per year and

investing$80 billion in the IRS to help beef up its tax enforcement and technology. Democrats also proposed raising the top capital gains tax rate from 20% to 25% and the corporate tax rate from 21% to 26.5%—targeting two “opaque” income sources the Treasury headtopics.com

high earners commonly utilize to evade taxes.Crucial Quote “The data is absolutely clear: Over the past 40 years, the wealthy have gotten wealthier, and too many corporations have lost their sense of responsibility to their workers, their communities and the country,” Biden said Thursday, pointing out at least 55 of the nation’s largest corporations

in federal taxes last year. “If you can make a million or a billion dollars, that’s great, but all I ask is that you pay your fair share, and that’s not happening.”Surprising FactAccording to a report from the Treasury Department last week, the top 1% of taxpayers, ranked by income,

failedto pay about $163 billion in taxes last year—making up about 28% of the nation's growing tax gap. In the report, the Treasury said the wealthiest Americans account for the bulk of tax evasion because higher-income taxpayers have the financial resources to “tap into the services of accountants and tax preparers who help shield them from bearing their true income tax liability.”

Read more: Forbes »

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Biden Blasts Billionaires And Corporations Evading Taxes In Push For Democrats’ $3.5 Trillion Budget“If you can make a billion dollars, that’s great, but all I ask is that you pay your fair share, and that’s not happening,” Biden said Thursday.

House Democrats Opposed To Biden Agenda Actually Hail From Safe SeatsCorporate donations, not electoral fears, appear to be motivating obstructionist Democrats . nice ProPublica exposed the fact that the wealthy are NOT paying their taxes !, therefore We The People demand an end to the Filibuster and a Wealth Tax to pay for Universal Health Care and to end homelessness and poverty in America !! Institute a $3,000/month Universal Basic Wage !! Money talks....

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