President Biden used Monday’s tax-filing deadline to promote his social welfare agenda while lobbing attacks at Senate Republicans, saying his tax plan would look …
President Biden used Monday’s tax-filing deadline to promote his social welfare agenda while lobbing attacks at Senate Republicans, saying his tax plan would look out for the little guy while Senate Republicans promote a plan that would impose income taxes on those who currently pay none. Mr. Biden is making hay with an “11-point” plan released by Sen. Rick Scott of Florida, who leads the Senate campaign arm. The plan said all persons should pay some income tax to “have skin in the game” and that all legislation should sunset after five years, an idea that would ostensibly apply to Medicare and Social Security. “The president is fighting for tax cuts for the middle class and to ensure that the super wealthy and large corporations pay their fair share, while congressional Republicans, led by Senator Scott, are proposing big tax increases on middle-class families,” the White House said in a fact sheet. Mr. Biden wants to impose a 20% minimum tax on households worth more than $100 million. The tax would apply to unrealized investment income that currently is untaxed. He also wants to repeal part of the 2017 GOP tax overhaul by restoring the top tax rate for those earning over $400,000. The White House said the richest Americans “often pay no tax whatsoever or very little tax on their income and too often escape paying income tax forever.” Mr. Biden is cracking down on corporations and the wealthy while he tries to pay for a big-spending “Build Back Better” plan.
