President Joe Biden is taking his tax message to his hometown of Scranton, Pennsylvania, in an effort to rally support for his proposed tax plan. With Tax Day in the U.S. just behind us, Biden is set to address the nation on who he believes should be shouldering more of the tax burden – billionaires.
In a campaign announcement on Friday, Biden’s team stated that the upcoming speech will focus on the question of whether the tax code should benefit the wealthy or the middle class. The President has been vocal about his belief that the tax system should work for everyday Americans, not just the ultra-rich.
As inflation continues to impact Americans’ wallets, Biden is working to convince voters that he is the best choice for the country moving forward. Despite a strong job market and a decline in inflation, many Americans still blame Biden for high prices. In response, Biden has proposed a minimum tax for billionaires at 25%, which he estimates could raise $500 billion over a decade.
Biden’s vision for the future includes affordable child care, home care, elder care, and paid leave – all funded by increased taxes on the wealthiest individuals. Meanwhile, former President Donald Trump has pledged to extend his tax cuts for the wealthy, a move that has garnered significant financial support from donors.
With the November election looming, Biden’s tax plan and Trump’s promises of continued tax cuts will be key issues for voters to consider. As the debate over tax policy heats up, both candidates are making their positions clear in hopes of winning over the American electorate.