POLITICS: On Monday US President Joe Biden issued a, statement made in regard to the nation's next tax payment period. in his dymtsyement, while average Americans have paid exorbitant amounts in taxes, Biden is leveling the gavel on corporations demanding that major bread winner vompsnies pay their fair share .
By Michelle Crawford-Sapenter
"Some of the wealthiest Americans pay a lower. federal tax rate than firefighters and teachers. That’s why President Biden is calling for abillionaire minimum tax – which would raise billions of dollars for us to invest in American families.." --US President Joe Biden
In recent statements regarding taxes and corporations:Tax Fairness and Corporations: President Biden emphasized the need for a fair tax code to strengthen the country. He stated, “I’m a capitalist. Make all the money you want. Just begin to pay your fair share in taxes”. His administration aims to address income inequality by ensuring that profitable corporations contribute their fair portion of taxes.
The Budget Proposal submitted to Congress by President Biden’s $7.3 trillion budget proposal includes provisions for tax changes. While it focuses on various aspects, including border security and healthcare costs, it also seeks to increase taxes for corporations.
The proposal aims to strike a balance between supporting families and addressing fiscal needs. Globsl Minimum Tax Rate:
In July 2021, President Biden expressed support for a global minimum tax rate of at least 15%. This agreement involves 130 countries, covering over 90% of the world’s economy. The goal is to prevent a race to the bottom in corporate taxes.
In a plan to ensure the circumspect approach to remediation, the Biden administration which echoes years past during Biden's work with former President Barack Obama who launched the plan for transparency in Tax Returns and other significant areas associated with gobmvernment.
It is no hyperbole, President Biden has consistently demonstrated transparency by releasing his tax returns. In 2022, he and First Lady Jill Biden reported an adjusted gross income of $579,514.
Added to the primary payment, the amount paid, $137,658, in federal income taxes, resulting in an effective tax rate of 23.8%. Their contributions to various charities further highlight their commitment to social causes.
In summary, President Biden is advocating for a fair tax system that ensures corporations contribute their share while addressing critical needs in the country. His commitment to transparency through tax return releases underscores this effort.
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