Biden, Senate Democrats Push for Tax Increases to Pay for Trillions of Dollars of New Spending
President Joe Biden is reportedly considering raising taxes to pay for trillions of new spending for the AOC-Schumer agenda.
President Biden is reportedly considering raising taxes according to multiple reports based on interviews with his key advisors and legislation from allies.
The taxes would help pay for leftist political demands from people like Senator Chuck Schumer, Senator Elizabeth Warren and Representative Alexandria Ocasio-Cortez.
“President Joe Biden is planning the first major federal tax hike since 1993 to help pay for the long-term economic program designed as a follow-up to his pandemic-relief bill, according to people familiar with the matter,” Bloomberg reported.
“A group of progressive lawmakers including Sen. Elizabeth Warren (D., Mass.) recently proposed a so-called ultra-millionaire tax. The legislation would create a 2% annual tax on the net worth of households and trusts between $50 million and $1 billion and an additional 1% surtax on those above $1 billion,” the Wall Street Journal reported recently.
Meanwhile, Biden’s Treasury Secretary, Janet Yellen, said the White House is considering a “wealth tax” according to ABC News.
A corporate tax rate hike, which could kill millions of jobs with Biden’s other policies, is also in the works.
Conservative Congresswoman Laura Boebert slammed Biden for pushing for higher taxes.
“Biden is now planning a tax hike as if the prices of gas soaring and the food prices going up weren’t enough,” Boebert said. “The middle class is getting HAMMERED right now!”
Former State Department official Catharine O’Neill chimed in too.
“Wow what a great idea—let’s hike taxes while our American families are struggling to recover from a global pandemic,” O’Neill sarcastically said.
This comes “after eliminating near 50k energy related jobs overnight and while gas prices creep near $4/gallon,” O’Neill said. “Brilliant.”
This would be the first major federal tax hike in almost 30 years.
Do you think we should be raising taxes now while the economy is fragile? Are you angry at Biden for considering tax hikes? Let us know below!