US NewsBiden to go to war with big corporation- "It’s my goal to cut the federal deficit $3 trillion more"

Biden to go to war with big corporation- "It’s my goal to cut the federal deficit $3 trillion more"

Biden to go to war with big corporation- "It’s my goal to cut the federal deficit $3 trillion more"
Images source: © GETTY | Bloomberg
7:27 AM EST, March 8, 2024

In a bold move during his State of the Union address, President Joe Biden announced ambitious plans to significantly reduce the federal deficit by $3 trillion, targeting the financial contributions of large corporations and the wealthiest individuals in America. Speaking from the House chamber on Thursday night, President Biden articulated his vision for a more equitable tax system, emphasizing the necessity for those at the top of the economic ladder to contribute their fair share towards the nation's finances.

As a believer in capitalism, he said he celebrates anyone's success in making millions of dollars or more. His comments underscored a broader ambition to recalibrate the tax code to ensure adequate investment in critical national services such as healthcare, education, and defense, fortifying the foundational pillars of a country's greatness.

The President did not shy away from critiquing the tax policies of his predecessor, Donald Trump, pointing out that the previous administration's $2 trillion tax cuts disproportionately favored the wealthiest individuals and major corporations. According to Biden, this significantly exacerbated the federal deficit and resulted in an unprecedented increase in the national debt during any presidential term in U.S. history.

Amidst vocal opposition from Republican lawmakers, who expressed their disapproval through loud boos, President Biden remained steadfast in his proposal to introduce a corporate minimum tax of at least 21%. This move aims to ensure that large corporations begin to contribute their fair share to the nation's coffers.

In an appeal to the broader American public, President Biden made a compelling argument against the existing disparities within the tax system. He highlighted the paradox of billionaires paying less taxes than everyday professionals like teachers, sanitation workers, and nurses. To address this, he has proposed a minimum tax rate of 25% for billionaires, a figure he considers to be a fair contribution to the nation's well-being.

President Biden's address signaled his administration's commitment to tax equity and fiscal responsibility. By advocating for these significant changes to the tax code, the President is championing a more just and balanced approach to economic contribution, aiming to ensure that all Americans, regardless of their financial standing, contribute equitably to the nation's prosperity.

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