“My guess is if we took a secret ballot in this floor, that we’d all agree that the present tax system ain’t fair. We have to fix it. ...let’s make corporations and wealthy Americans start paying their fair share,' President Joe Biden said.
In a State of the Union speech following a year of closely-watched, unsuccessful Capitol Hill wrangling to make high earners and corporations pay more taxes in order to fund social spending programs, President Joe Biden kept up his talk on taxes Tuesday night.
“I may be wrong, but my guess is if we took a secret ballot in this floor, that we’d all agree that the present tax system ain’t fair. We have to fix it,” Biden said. “I’m not looking to punish anybody. But let’s make corporations and wealthy Americans start paying their fair share.” And then, except for several other passing mentions, that was pretty much it on taxes during a State of the Union address that focused more on red hot price inflation, Russia’s Ukraine invasion and moving past the pandemic.
Emily DiVito, senior program manager for the left-leaning Roosevelt Institute’s corporate power program, said, “To me, it sounds like a president who is still intent on making a tax code that’s fair and more just.”Except for a passing reference on using more tax revenue to close deficits instead of funding programs, Howard Gleckman, senior fellow at the Tax Policy Center, said he didn’t hear anything new during the speech.
— Emily DiVito, Roosevelt Institute, senior program manager, corporate power program “I don’t read anything into it other than he’s captive of circumstances, which seems to happen to presidents,” Gleckman said. That could include tightened rules on certain taxpayers with business or investments stakes, a broader application of the 3.8% net investment income tax and/or the surtax on households making over $10 million and $25 million, he said.
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