Joe Biden to Announce End of Big Fortune Tax Cuts in First Address to United States Congress

The president of the United States, Joe Biden, to speak this Wednesday for the first time before Congress, in a speech in which he seeks to express his desire for reform and in which he will announce the end of tax cuts for the richest, endorsed by his predecessor Donald Trump.

On the eve of completing the first 100 symbolic days in power, Biden will unveil his $ 1.8 trillion plan for American families. The announcement is eagerly awaited as it will be announcements on how it will fund its most ambitious projects. Raising taxes for the richest 0.3% is the basic recipe.

“The president will propose a series of measures to ensure that the richest pay their taxes, while ensuring that no one who earns less than $ 400,000 a year does not suffer a tax increase.”a member of the government who asked not to be named told reporters.

This plan requires the approval of a very divided Congress, with a slight majority of Democrats, but that does not guarantee the treatment of projects.

The bill contemplates a tax cut of $ 800 billion for the lowest incomes and $ 1 trillion for investments.

For White House sources, this plan will generate a “strong and inclusive economy for the future ”.

The government’s goal is reduce child poverty Yes reduce the price of daycare, to enable women to remain in the labor market and to strengthen the workforce in a “Bigger, more productive and healthier.”

Plan likely to be rejected by Republicans in CongressBut the White House is betting to back it up with potential voter support.

With this reform, the richest would pay a rate of income tax up to 39.6%, ending with a reduction granted by Trump.

The plan also provides close loopholes and tax breaks for capital income, which will bring in billions of dollars, according to the White House.

For the government, this measure will be enough to pay the relative of 2 billion in spending on this program over 15 years, which aims, he says, to make a more just country.

“These reforms are fundamentally aimed at making the tax code fairer”, he said.

“Impressive” progress against COVID-19

The speech will also mark the start of a bitter debate in Congress, because although his rescue plan for an economy heavily burdened by the pandemic in the amount of $ 1.9 trillion managed to get approved, the debate on its gigantic infrastructure plan and its educational reform generates more divisions.

In the solemn gallery of the hemicycle, the Democratic president will probably underline the “Impressive” progress made by the country in the fight against COVID-19, in the words he used Tuesday to describe the rapid vaccination campaign.

About 96 million people, or about 30% of the population have completed their immunization schedules and on Tuesday the health authority has recommended that people already vaccinated -that is, they developed antibodies after being inoculated- no need to wear a mask in open places, Unless they’re participating in a massive event.

Jen Psaki, the White House spokeswoman, also indicated that Biden will talk about his determination that the United States “find its place in the world” and that it will deal with relations with China.

Presidential speeches on Capitol Hill are marked with pomp and solemnity and are a very important tradition in American politics, but this year, ceremony which starts at 9:00 p.m. (01:00 GMT on Thursday), develops in a particular environment, marked by the pandemic.

(With information from AFP)

KEEP READING: