Us Pres. Biden: No Federal tax increase to anyone making below $400k

Thursday, 01 Apr, 2021

Senate Finance Committee Chairman Ron Wyden, D-Ore., said that he and Biden "are rowing in the same direction", but that he plans to release his own worldwide tax plan, along with Sens. "I plan to work hard across the aisle to make this an infrastructure bill that will help Ohioans and Americans across the country realize their dreams of a good job, a good education and a chance to take care of their families".

He said that it is time to rebuild the economy from the bottom up, middle out.

Congressional Democrats say they are ready to deliver on Biden's agenda, but they also note that a two-part, sweeping $4 trillion-plus proposal will be received in a very different manner than Biden's first significant legislative victory. He says it is a "once-in-a-generation investment".

The plan places a huge emphasis on providing good-paying jobs to American workers, but it still has a long way to go.

"We can't delay another minute".

"The rest of the world is closing in and closing in fast - we can't allow this to continue".

Biden, who took office in January, vowed to pass a second bill aimed at improving infrastructure in the United States and creating jobs, and USA media reported that would likely be divided up into two proposals costing a total of $3 trillion.

- Making it harder for businesses to merge with foreign companies to avoid US taxes, a process known as inversion.

Biden's proposal, the American Jobs Plan, that was unveiled Wednesday afternoon in Pittsburgh, Pa. would be partially funded by boosting the corporate tax rate from 21 percent to 28 percent and global minimum tax from about 13 percent to 21 percent, measures that reverse Trump's 2017 tax cuts.

"This is not to seek retribution. Here's the truth: We all do better when we all do well".

The plan doesn't call for increases on individual income taxes, though the White House is looking at increasing the top marginal income-tax rate and raising taxes on capital gains in future legislation. "I have nothing against millionaires and billionaires", Biden said. "The tax policy probably isn't as important to me as the spending policy", he said.

The administration is also proposing to eliminate all fossil-fuel tax breaks and repealing incentives to move assets and jobs offshore.

Joe Biden's speech fires starting gun on what is expected to be a bitter battle in Congress.

Senate Republican leader Mitch McConnell dismissed the package as nothing more than a "Trojan horse" for tax hikes.

"The funding levels outlined in the White House plan are simply inadequate to meet the essential task of replacing our nation's crumbling water infrastructure, while assuring clean, safe and affordable water for all", Wenonah Hauter, Food & Water Watch executive director, said.

Business groups blasted Mr. Biden's intention to have them fund it. Increasing the gas tax, an idea often raised as a way to finance infrastructure spending, also isn't in the plan.

Rep. Alexandria Ocasio-Cortez argued President Joe Biden's $2.25 trillion infrastructure proposal 'needs to be way bigger'. "America is the only country that now sets a minimum tax on the foreign earnings of domestic companies - now President Biden wants every country to impose such a tax, in exchange for his promise to keep the US minimum tax higher than other countries".

"I don't think you'll find a Republican today in the House or Senate. who doesn't think we have to improve our infrastructure".

- $100 billion to build high-speed broadband that provides 100% coverage for the country.

Senator Charles E. Grassley, Republican of Iowa, who has been at the center of negotiations over similar bills for decades, told a local radio station this week he is waiting to see the specifics of the tax provisions before weighing in on the proposal.