President Biden is striving to create a fairer tax system, focusing on ensuring that the wealthiest Americans and large corporations pay their fair share. His tax plan aims to provide tax cuts for families with children and working Americans, invest in the country, and reduce deficits by trillions of dollars. This is achieved through measures like a new billionaire minimum tax and cracking down on multinational companies that shift jobs and profits overseas.
Since taking office, Biden has worked to build a tax system that rewards work, not wealth. He has pushed for big corporations and the wealthy to pay their fair share and for all Americans to adhere to the same tax rules. Despite opposition from Republicans, Biden has secured significant legislation to make the tax code fairer. This includes enacting a 15% corporate minimum tax to prevent billion-dollar companies from paying $0 in federal income taxes and providing the IRS with the tools needed to ensure wealthy tax cheats pay what they owe.
Biden is committed to stopping Republican plans that would add trillions to the deficit through tax cuts favoring big corporations and the wealthy. Republicans have proposed making all of President Trump’s tax cuts permanent without increasing taxes on big corporations or the wealthy to pay for them. This plan would add more than $3 trillion to deficits over 10 years, providing substantial tax cuts to the top 0.1% of Americans. In contrast, Biden supports continuing tax cuts for families making less than $400,000 but opposes extending tax cuts for those earning more than $400,000 unless they are paid for by asking big corporations and the wealthy to contribute their fair share.
Under Biden’s policies, big corporations and the wealthy will pay more in taxes, but he opposes tax increases on middle-class families. He has pledged that no one earning less than $400,000 will pay an additional penny in federal taxes.
Biden has secured major reforms to ensure big corporations pay their fair share in taxes. This includes raising the corporate tax rate to 28% and the corporate minimum tax to 21%, reversing the massive tax giveaway to big corporations enacted in 2017. He also aims to crack down on tax avoidance by large multinationals and Big Pharma, ensuring they pay at least a minimum tax rate. Additionally, Biden proposes denying corporate tax breaks for multi-million-dollar executive compensation and quadrupling the stock buyback tax to encourage businesses to invest in growth and productivity.
Biden’s tax plan also targets corporate jet loopholes, eliminating tax breaks that give preferential treatment to corporate jets and increasing the fuel tax on corporate and private jet travel.
To ensure the wealthy pay their fair share, Biden has secured funding for the IRS to crack down on wealthy and big business tax cheats. This funding has already helped the IRS collect more than $500 million in unpaid taxes from fewer than 2,000 delinquent millionaires and launch enforcement actions against 25,000 millionaires who have not filed a tax return since 2017. Biden’s tax plan would build on this progress by requiring billionaires to pay at least 25% of their income in taxes and ensuring the wealthy contribute to Medicare to extend its solvency.
Biden’s tax plan also includes measures to cut taxes for working families and the middle class. His tax cuts have already cut child poverty in half in 2021 and saved millions of people an average of about $800 per year in health insurance premiums. Going forward, Biden’s plan would cut taxes for middle- and low-income Americans by $765 billion over 10 years. This includes increasing the Child Tax Credit, cutting taxes for 19 million working-class Americans, and making lower health insurance premiums permanent.
Biden’s plan will extend all middle-class tax cuts, ensuring that no one earning less than $400,000 per year will pay a penny more in taxes. These extensions will be fully paid for by making the wealthy and corporations pay their fair share, preventing any addition to the national debt.
In contrast, Republicans are working to make all of former President Trump’s tax cuts permanent, which would add more than $3 trillion to the debt over the next 10 years. Their plan would allow the wealthy and big corporations to avoid paying their fair share and raise taxes on millions of middle-class and working families. Republicans also propose giving windfall tax cuts to billionaires, allowing the wealthiest Americans to pass on wealth to their heirs entirely tax-free.
Biden’s vision for the economy is fundamentally different from Trump’s. While Biden is fighting to lower costs and cut taxes for middle-class families, Trump is focused on providing tax cuts for his billionaire donors. Biden’s plan includes cutting taxes for tens of millions of hardworking Americans, setting a minimum income tax of 25% on billionaires, and cracking down on wealthy tax cheats.
Biden’s tax plan aims to rebuild the backbone of America—a strong, inclusive middle class—by making corporations pay their fair share and helping working people get ahead. His plan includes expanding the tax cut for families with children, providing a $10,000 tax cut for first-time homebuyers, making permanent the $800 average tax cut for health insurance premiums, and ensuring no family making less than $400,000 per year will pay more in taxes.
In summary, Biden’s tax plan focuses on creating a fairer tax system that benefits working families and the middle class while ensuring the wealthy and large corporations pay their fair share. This approach contrasts sharply with Republican plans that favor the wealthy and big corporations, adding trillions to the national debt.
Source: Various News Outlets
