Biden says he will save $3TRILLION with a war on the mega rich with a 25% tax ... trends now
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President Joe Biden sparred with Republicans Thursday night over taxes for the wealthy as he touted new proposals to hike corporate tax rates and other plans he said would slash $3 trillion from the nation's balance sheet.
They were some of the most sweeping policies of is State of the Union speech, although they have almost no chance of enactment while Republicans control the House. They would even face headwinds in the Democratic Senate, where his party is fighting to cling to control in 2024.
'You know there are 1,000 billionaires in America. You know what the average federal taxes for those billionaires now are making great sacrifices – 8.2 per cent,' he said.
'That's far less than the vast majority of Americans pay. No billionaire should pay a lower federal tax. rate than a teacher a sanitation worker or nurse, he intoned, earning applause.
He called for a minimum tax on billionaires of 25 percent.
President Joe Biden called for a minimum tax on billionaires, raising corporate taxes, and limiting deductions for corporate jet use
'Just 25 per cent,' he said. You know what that would raise? That would raise $500 billion over the next 10 years. Imagine what that could do for America,' he said, mentioning affordable child care and paid leave.
