During his joint address to Congress on Wednesday, President Biden spoke of the need to tax the ultra-wealthy to fix economic inequality in the U.S.
Why it matters: Biden wants to use tax hikes on the rich to pay for his American Jobs Plan and American Families Plan. This philosophy has been a sticking point for many Republicans.
The big picture: Biden noted that tax cuts during the Trump administration were a boon to corporations and wealthy Americans and the pandemic has only increased economic inequality in the U.S.
- Biden's plans, he argued, would invest in the "human infrastructure" that allows for the growth of the middle class and raising people out of poverty.
What he's saying: "I will not add to the tax burden of the middle class of this country. They’re already paying enough."
- "What I’ve proposed is fair. It’s fiscally responsible."
- "My fellow Americans, trickle-down economics has never worked," Biden said.
- "It’s time to grow the economy from the bottom up and middle-out."
"A broad consensus of economists – left, right, center – agree that what I’m proposing will help create millions of jobs and generate historic economic growth."
