Scranton vs. Park Ave: Republicans Fight To Protect 8% Effective Income Tax Rate For Wealthiest Americans

While President Biden and Democrats are leading the charge to make sure billionaires and corporations pay their fair share, Republicans continue to protect Trump’s tax cuts for the wealthiest Americans.

President Biden has made his commitment clear: It’s time for the economy to work for everyone, including hardworking middle-class Americans.

A new report from the White House shows that the 400 wealthiest American households — with net worth between $2.1 billion and $160 billion — pay an effective federal income tax rate of 8%. That’s who Republicans are protecting.

New York Times: In Push to Tax the Rich, White House Spotlights Billionaires’ Tax Rates

  • “President Biden is leaning into his push to increase taxes on the rich as he seeks to unify Democrats in the House and Senate behind a $3.5 trillion bill that would expand federal efforts to fight climate change, reduce the cost of child care, expand educational access, reduce poverty and more.”
  • “‘I’m sick and tired of the super-wealthy and giant corporations not paying their fair share in taxes,’ Mr. Biden wrote on Twitter on Wednesday, amplifying an argument that Democratic strategists believe will help sell his economic agenda to the public and potentially lift the party’s candidates in midterm elections. ‘It’s time for it to change.’”
  • “The analysis suggests that the wealthiest 400 households in America — those with net worth ranging between $2.1 billion and $160 billion — pay an effective federal income tax rate of just over 8 percent per year on average. The White House is basing that tax rate on calculations using data on high earners’ income, wealth and taxes paid from the Internal Revenue Service and the Federal Reserve’s Survey of Consumer Finances.”

President Biden’s plan to make the wealthy and corporations pay their fair share is wildly popular with the American people.

Morning Consult: The Tax Man Cometh for the Wealthy and Corporations in House Democrats’ Plan. And Voters Are OK With It

  • “Nearly 3 in 5 voters support Democrats’ plan to raise $2 trillion via taxes in 10 years, according to new Morning Consult/Politico polling, with predictably higher backing among Democrats and lower support among Republicans.”
  • “Of the individual provisions included in the House Democrats’ plans, raising taxes on the wealthy was the most popular, garnering 68 percent support from voters. Raising the corporate tax rate came in just 6 percentage points lower at 62 percent.”
###

The post Scranton vs. Park Ave: Republicans Fight To Protect 8% Effective Income Tax Rate For Wealthiest Americans appeared first on Democrats.