President Joe Biden is defending his proposed tax increases, saying everyone needs to “pay their fair share.”
“I don’t want to punish anybody, but everybody should chip in. Everybody should pay something along the road here,” Biden said during a press conference promoting the American Families Plan on Monday.
The president explained he plans on giving tax breaks to the working class and “making everybody pay their fair share.”
He asked, “Do we want to give the wealthiest people in America another tax cut? Or do you want to give every high school graduate the ability to earn a community college degree?”
Watch Biden’s remarks below:
"Do we want to give the wealthiest people in America another tax cut, or do you want to give every high school graduate the ability to earn a community college degree?," President Biden says during a presser promoting the American Families Plan pic.twitter.com/OGFMjRKT5v— CBS News (@CBSNews) May 3, 2021
Biden added, “Is it more important to keep these tax loopholes for millionaires — for good people, not bad folks — or would we rather put $7,200 in the pockets of working moms and dads every year if they have two children?”
His spending initiatives including the American Rescue Plan, proposed American Jobs Plan and the American Families Plan come with a price tag of more than $6 trillion.
“What I’ve proposed is fair. It’s fiscally responsible. It raises the revenue to pay for the plans I’ve proposed that will create millions of jobs and grow the economy,” Biden said during his address to Congress last week.
The American Families plan includes $1 trillion for families and education along with $800 billion in tax cuts.
The Biden administration said the plan will be paid for over 15 years by raising taxes specifically targeting the wealthiest Americans.
The American Jobs plan asks for $2 trillion for spending on infrastructure. The administration claimed the plan would be paid for with the Made in America Tax plan.
The plan includes raising the corporate tax rate to 28% from 21%.