Biden plans to tax millionaires and big companies to reduce US public debt

President presented a budget project with a minimum tax of 25% for billionaires, who represent 0.01% of the population; estimated debt reduction of US$ 3 trillion in ten years

SAUL LOEB / POOL / AFPUS President Joe Biden gestures, applauded by US Vice President Kamala Harris (L) and US House Speaker Nancy Pelosi (D-CA), as he delivers his first State of the Union address at the US Capitol in Washington, DC, on March 1, 2022. (Photo by SAUL LOEB / POOL / AFP)

The president of USA, Joe Biden, presented this week a budget project with a tax bias. This is because, in the text, there is the intention of the White House to introduce a tax for the richest in order to reduce the US public debt. Even with minimal chances of approval in Congress, in the possible budget for 2024, the Democrat intends to introduce a minimum tax of 25% for billionaires, that is, for 0.01% of the richest Americans. The expectation of reducing the public debt would be almost US$ 3 trillion in ten years. In addition, Biden is also seeking to increase the corporate tax rate from 21% to 28% – still below the 35% that prevailed before the reform implemented by the former president. Donald Trump, in 2017. “When Medicare (a health plan with partial coverage by the US government, approved under the Obama administration) was approved, the richest 1% had no more than 5 times the wealth of the poorest 50% combined . We will ask the richest to pay their fair share so that the millions of workers who helped them build that wealth can retire with dignity and with the Medicare they paid for,” said the president last Wednesday night, 8 , on your social networks. According to the Washington Post, Biden’s intentions are aimed at increasing his popularity with the electorate, as the Chief Executive also seeks to start his planning to run for re-election to the White House next year with an increase in the salaries of federal public servants by more of 5%.

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Deborah Acker

I write epic fantasy; self-published via KDP. Devoted dog mom to my 10 yr old GSD, Shadow! DM not a priority; slow response at best #amwriting #author.

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