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Biden reiterates pledge to raise taxes on Americans making $400,000 or more

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Biden said Republican criticism of his $ 1.9 trillion Covid-19 relief law is due to his plan’s tax breaks going to 60 percent of the lower population, while “His idea of ​​a tax cut is to give the tax cut to Trump where he was 83% the top 1% of people in America.”

Biden acknowledged that he may not get any Republican support for a tax increase, but said he will “get Democratic votes.” He then added that he believes the Senate filibuster should return to the “talking filibuster,” but did not say he wanted to remove the 60-vote threshold to end the debate on laws, which could lead to it being achieved. a tax increase without Republican votes unlikely.

“If we just got the tax rate back to what it was when (George W.) Bush was president, the top rate would pay 39.6% in federal taxes, that would increase $ 230 billion. Still, they complain because I’m providing a tax credit for the care of children? For the poor? For the middle class? “added Biden.

Biden presented several proposals during his presidential campaign to raise taxes for the rich and for businesses by investing in some of the tax cuts that President Donald Trump signed into law in 2017.

On Monday, White House press secretary Jen Psaki said Biden believes “those at the top are not doing their part” and “obviously companies could be paying higher taxes.”

Treasury Secretary Janet Yellen suggested a tax hike on the horizon on Sunday when she said she expects the White House to make proposals over time to control deficits.

“(Biden) has not proposed a wealth tax, but he has proposed that companies and wealthy individuals should pay more to meet the needs of the economy, the spending we have to make, and over time, I hope we will be putting forward new proposals to control deficits, “Yellen told ABC.

Biden had also proposed changing the way 401 (k) retirement savings accounts are treated in the tax code in order to give low-income workers a greater tax disadvantage.

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