President Biden has proposed a new $1.8 trillion American Families Plan due to the devastating effect that the Covid-19 pandemic has had on American families. To most, this seems to be an excellent thing. President Biden plans on covering the cost by taxing the super-wealthy (Those who make over $400,000 a year), closing tax loopholes, taxing capital gains of people who make over $1,000,000 per year, and funding the IRS with $80 Billion over a decade so that they can update their resources to audit large companies and enforce the law. With the news of Biden’s $1.8 Trillion plan, I looked at what Twitter has to say and am sharing it with this social media round-up.
New: White House unveils $1.8T plan; says it would provide:
— Pre-k to all 3 and 4 year olds
— Universal free 2 year community college
— Robust paid family leave
— Child benefit thru 25
Paid for by higher taxes on the superrich, IRS enforcementhttps://t.co/A0rBDZrGCu
— Jeff Stein (@JStein_WaPo) April 28, 2021
According to Jeff Stein, White House economics reporter for The Washington Post, Biden’s $1.8 trillion American Families Plan promises Pre-k to all three and four-year-olds, universal free two-year community college, robust paid family leave, and a child benefit through 25; all paid for by the superrich. These breaks all sound great unless you are the very wealthy people paying for them.
The richest 1% of Americans dodge $175,000,000,000 in taxes every year. Fund the IRS and stop enabling the real looting in America.
— Robert Reich (@RBReich) April 27, 2021
Berkeley professor and former Secretary of Labor Robert Reich and many Americans believe the $80 billion promised to the IRS would ensure that the wealthiest 1% of Americans would be taxed appropriately, benefiting poor and middle-class families in the US.
We can invest in a future for all American families—including universal child care and universal pre-k—with a small wealth tax on fortunes above $50 million, a Real Corporate Profits Tax, and a boost to IRS enforcement. I’m in that fight all the way. #JointAddress
— Elizabeth Warren (@ewarren) April 29, 2021
US Senator Elizabeth Warren reminds us that Biden plans to tax the wealthy. If you pay your taxes and make less than 400,000 a year, you won’t see a change to your current income tax.
"While 20 million Americans lost their jobs in the pandemic…650 billionaires in America saw their net worth increase by more than $1 trillion.
"Trickle-down economics has never worked. It is time to grow the economy from the bottom and the middle out."
— Rep. Val Demings (@RepValDemings) April 29, 2021
50 years of tax cuts only helped one group, the rich.
From 1965 to 2015, a study compared countries that passed tax cuts with those that did not.
Instead of trickling down to the middle class, tax cuts helped the rich get richer and exacerbated income inequality.
TAX THE RICH.
— Bobak K. Persis (@BobPersis) April 29, 2021
President Biden tweeted out that Trickle-down economics has never worked, and people are in agreeance. Fifty years of research has proven that giving tax breaks to the rich only makes them more prosperous and the poor poorer. The people are calling for a change, and Biden’s plan seeks to ensure that change.
Unfortunately for the megarich, audits are coming… make sure you get the tax help you’ll need. Anyway, What do you think? Should they tax the 1% and corporations? Do you think taxing them will cover the cost of Biden’s $1.8 trillion plan? Let me know on social and check out my article from last week. Have a fantastic rest of your week, and stay safe.