{"id":791016,"date":"2021-09-19T11:45:55","date_gmt":"2021-09-19T15:45:55","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=791016"},"modified":"2021-09-19T11:45:57","modified_gmt":"2021-09-19T15:45:57","slug":"im-a-capitalist-but-pay-your-fair-share-biden-praises-democrat-tax-hike","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/im-a-capitalist-but-pay-your-fair-share-biden-praises-democrat-tax-hike\/","title":{"rendered":"\u2018I\u2019m A Capitalist,\u2019 But \u2018Pay Your Fair Share\u2019: Biden Praises Democrat Tax Hike"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">26<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fim-a-capitalist-but-pay-your-fair-share-biden-praises-democrat-tax-hike%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=791016&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/09\/Joe-Biden-10.jpg?w=1200&amp;h=800&amp;ixlib=react-9.3.0\" class=\"ff-og-image-inserted\" \/><\/div>\n<p><span>President Biden praised Democratic lawmakers\u2019 potential multitrillion-dollar tax hike.&nbsp;<\/span><\/p>\n<p><span>In a <\/span><a href=\"https:\/\/www.whitehouse.gov\/briefing-room\/speeches-remarks\/2021\/09\/16\/remarks-by-president-biden-on-the-economy-4\/\"><span>speech<\/span><\/a><span> delivered at the White House on September 16, Biden argued that a recent proposal from his Democratic allies in Congress would make the federal tax code more equitable by forcing wealthy Americans to \u201cpay their fair share.\u201d<\/span><\/p>\n<p><span>The potential $2.9 trillion in new taxes closely follows an attempt to pass the Commander-in-Chief\u2019s $3.5 trillion social welfare agenda. Among other <\/span><a href=\"https:\/\/www.dailywire.com\/news\/how-the-democrats-new-tax-hike-will-impact-your-wallet\"><span>items<\/span><\/a><span>, the revenue proposal suggests raising the income tax, the corporate tax, and the investment tax, as well as establishing an additional surtax on wealthy Americans.<\/span><\/p>\n<p><span>President Biden commented:<\/span><\/p>\n<blockquote readability=\"12\">\n<p><i><span>Big corporations and the very wealthy were doing very well before the pandemic. That\u2019s why I\u2019ve said \u2014 starting back in my campaign for president \u2014 that it\u2019s not enough just to build back; we have to build back better than before. And that\u2019s how it all begins.&nbsp;<\/span><\/i><\/p>\n<p><i><span>I\u2019m not out to punish anyone. I\u2019m a capitalist. If you can make a million or a billion dollars, that\u2019s great. God bless you. All I\u2019m asking is you pay your fair share. Pay your fair share just like middle-class folks do. But that isn\u2019t happening now.<\/span><\/i><\/p>\n<\/blockquote>\n<p><span>President Biden\u2019s remarks wrongly claimed that the wealthy do not already pay their \u201cfair share.\u201d Indeed, high earners provide the vast majority of federal revenue.<\/span><\/p>\n<p><span>As The Daily Wire\u2019s <\/span><a href=\"https:\/\/www.dailywire.com\/news\/61-of-americans-paid-no-income-tax-in-2020-report\"><span>Ben Johnson<\/span><\/a><span> detailed in August, Internal Revenue Service data from 2018 show that the top 1% of American income earners paid more in federal income taxes than the bottom 90% percent of income earners combined. Additionally, 61% of all American taxpayers paid no taxes last year, and the bottom half of taxpayers paid less than 3% of all income taxes.<\/span><\/p>\n<p><span>Biden also claimed that only wealthy Americans will pay more taxes:<\/span><\/p>\n<blockquote readability=\"12\">\n<p><i><span>We\u2019re not going to raise taxes on anyone making under $400,000. That\u2019s a lot of money. Some of my liberal friends are saying it should be lower than that. But only corporations and people making over $400,000 a year are going to pay any additional tax\u2026 Not only will no one making under $400,000 see their taxes go up, the middle class are going to get some tax cuts \u2014 some breaks.<\/span><\/i><\/p>\n<\/blockquote>\n<p><span>However, a recent <\/span><a href=\"https:\/\/www.dailywire.com\/news\/analysis-democrats-say-theyre-taxing-the-rich-but-theyre-actually-crushing-small-businesses\"><span>analysis<\/span><\/a><span> from Americans for Tax Reform notes that many small businesses \u2014 which account for over 65 million private-sector workers \u2014 will be affected by the new taxes.<\/span><\/p>\n<p><span>Boosting the top income tax rate from 37% to 39.6%, for example, would \u201cincrease taxes on businesses organized as pass-through entities like sole proprietorships, LLCs, partnerships and S-corporations\u201d \u2014 a legal status that applies to 95% of America\u2019s 26 million businesses. In the same vein, 1.4 million small businesses are organized as C-corporations \u2014 and would therefore be impacted by higher corporate tax rates suggested by the Democrats\u2019 proposal.<\/span><\/p>\n<p><i><span>The Daily Wire is one of America\u2019s fastest-growing conservative media companies and counter-cultural outlets for news, opinion, and entertainment. Get inside access to The Daily Wire by becoming a <\/span><\/i><a href=\"https:\/\/www.dailywire.com\/subscribe\"><i><span>member<\/span><\/i><\/a><i><span>.<\/span><\/i><\/p>\n","protected":false},"excerpt":{"rendered":"<p>President Biden praised Democratic lawmakers\u2019 potential multitrillion-dollar tax hike.\u00a0In a speech delivered at the White House on September 16, Biden argued that a recent proposal from his Democratic allies in &#8230;<\/p>\n","protected":false},"author":1,"featured_media":2315279,"comment_status":"close","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-791016","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/791016","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=791016"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/791016\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=791016"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=791016"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=791016"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}