Biden declares war on America’s wealthy as he urges Congress to pass a ‘billionaire minimum tax’

President Joe Biden again called on Congress to pass “the billionaires’ minimum tax” during Tuesday night’s State of the Union address.

“You know there are a thousand billionaires in America, up from about 600 at the start of my term. But no billionaire should pay a lower tax rate than a teacher or a firefighter,” he said. Biden said.

A previous version of the plan would apply a 20% tax rate to households with a net worth of more than $100 million.

A tax of this kind has been backed by progressive Senator Elizabeth Warren and Senator Ron Wyden, chairman of the Senate Finance Committee, but it hasn’t received widespread support – and is even more unlikely to be. passed by the House now in Republican. hands.

Throughout his Tuesday speech, Biden encouraged lawmakers to “finish the job,” including improving the tax code.

“We are paying for these investments in our future by finally getting the richest and biggest corporations to start paying their fair share. Just start,” Biden said.

“Look, I’m a capitalist, I’m a capitalist,” he continued. “But pay your fair share.”

He bypassed his audience — as the House chamber was packed with lawmakers, Supreme Court justices, Cabinet officials, guests and hurryers — and addressed Americans watching the speech on television. .

“I think a lot of you back home, a lot of you back home agree with me and a lot of people you know – the tax system isn’t fair. It’s not fair,” he said.

“Listen, the idea that in 2020, 55 of America’s largest corporations — the Fortune 500 — made $40 billion in profits and paid no federal taxes? Zero?’ he underlined.

At that, he got yelled at by members of the public – as Republicans were louder and louder with their opposition compared to State of the Union addresses in the past.

“People, that’s just not fair,” Biden continued. “But now, because of the law I signed, billion dollar companies have to pay a minimum of 15%. God loves them.

The minimum corporate tax of 15% was included in the Cut Inflation Act, which also included a number of climate and health care initiatives.

It was passed using the Senate reconciliation process, bypassing the requirement for Republican votes.

“Fifteen percent,” Biden said. “That’s less than a nurse pays.”

He reiterated his campaign promise that no American earning less than $400,000 a year would see their taxes increased.

“But let’s get the job done, there’s more to do,” he told Congress. “We should reward hard work, not just wealth. Adopt my minimum tax proposal for billionaires.