IT’S TAX DAY! DON’T FORGET: PRESIDENT BIDEN IS FIGHTING TO LOWER COSTS, WHILE REPUBLICANS IN CONGRESS WANT HIGHER TAXES FOR AMERICAN FAMILIES

FOR IMMEDIATE RELEASE: April 18, 2022
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IT’S TAX DAY! DON’T FORGET: PRESIDENT BIDEN IS FIGHTING TO LOWER COSTS, WHILE REPUBLICANS IN CONGRESS WANT HIGHER TAXES FOR AMERICAN FAMILIES

POTUS’ plan to lower costs is fully paid for by ensuring the ultra-wealthy & large corporations pay their fair share

Republicans in Congress voted for the previous administration’s tax cuts, which give 83% of benefits to top 1%

WASHINGTON, D.C. — As Americans file their taxes, Tax Day is a reminder that President Biden is fighting for tax fairness, including by establishing a minimum wealth tax of at least 20% on those worth over $100 million, while Republicans in Congress have supported massive tax giveaways to the ultra-wealthy and large corporations and have endorsed plans to hike taxes on the majority of middle class and working Americans.

“President Biden is fighting for working families and building an economy from the bottom up and the middle out – unlike Congressional Republicans, who passed a massive tax cut that gives 83% of its benefits to the top 1% and are blocking the President’s plan that ensures the ultra-wealthy and large corporations pay their fair share,” said Building Back Together Executive Director Danielle Melfi. “While the President uses every tool at his disposal to lower costs for working and middle class families, Republicans in Congress are not only obstructing the President’s plans, but have even endorsed measures that would raise taxes for most working class American families.”

Under President Biden’s leadership, the United States is experiencing a record-breaking jobs and economic recovery. 

  • Since President Biden took office, the U.S. economy has seen the most jobs created in a year, the fastest drop in unemployment in a year, and the biggest drop in people receiving unemployment benefits in a single year.
  • 7.9 million jobs have been created since President Biden took office.
  • The unemployment rate has dropped from 6.3 percent when President Biden took office to 3.6 percent, falling at the fastest rate in 50 years.

President Biden is working to make our tax system more equitable by ensuring big corporations and the wealthiest Americans pay their fair share while delivering relief to working families.

  • The President’s budget rewards work, not wealth, by establishing a minimum tax on billionaires to ensure everyone pays their fair share.
  • Through the American Rescue Plan, the Biden-Harris Administration expanded the earned income tax credit, providing nearly three times the previous benefit amount and giving tax relief to over 17 million workers.
  • President Biden is sticking by his pledge to not raise taxes on anyone making less than $400,000 a year. His plan to lower costs is fully paid for by ensuring the wealthiest Americans and large corporations pay their fair share.

Republicans in Congress voted for costly tax giveaways to the wealthiest Americans and biggest corporations, and continue to advocate for higher taxes on the middle class.

  • Under the previous administration, Republicans in Congress voted for a tax plan that gives 83% of the benefits to the richest 1% of Americans, lowering taxes on big corporations and the wealthy, while raising taxes on many middle class families and increasing the national debt by $2 trillion.
  • Congressional Republicans continue to protect giveaways to the ultra-wealthy and large corporations by blocking President Biden’s plan to ensure they pay their fair share.
  • In addition, Republican Senator Rick Scott has proposed raising taxes on half of Americans – a policy that would place a massive burden on those earning under $100,000 per year.

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