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The Wealthy to Pay More- The Tectonic Shift in American Taxation

  • Posted on January 19, 2023
  • News
  • By Akta Yadav
The Wealthy to Pay More:-
On Wednesday (18th January 2023), Joe Biden, the President of the United States tweeted, “Our Administration is making the super-wealthy and corporations start to pay their fair share. It's time we reward work. Not wealth.” His tweet reflects the undergoing action plans of the American government regarding modification of the taxation system of the United States which will be aimed at a more homogenous wealth distribution. The Wealthy to Pay More The Wealthy to Pay More-The Wealthy to Pay More Joe Biden’s Reformative Taxation Policy The idea put across by Joe Biden in his tweet today is not new. Joe Biden has expressed similar plans even in 2021 at many public meetings. Explaining his idea of taxation, Joe Biden has expressed many times that he is not anti- corporate but only aims towards the idea of a “fair share”. If heavier taxation would be imposed upon the richest American families and large corporate bodies, it would help mitigate child poverty drastically and provide free education to children. Using the funds raised, the great American Families Plan which aims towards an overall holistic growth of children right from their birth to adulthood, could be implemented sooner. Besides taxing the rich, Joe Biden has also planned about providing tax breaks and benefits to middle class families. The Wealthy to Pay More The Wealthy to Pay More Joe Biden v. Donald Trump: A Clash of Taxation Theories The ex- President of the United States, Donald Trump held the view that tax slabs levied upon the rich must not be high since that would affect their interest in expansion of business. If the richest pay less taxes, it would contribute towards overall growth of the economy, flourishing business and eventually, it would be beneficial to  the masses at the bottom-most bar of the economy as well. Joe Biden’s ideas highly contrast this capitalist line of thought. Joe Biden’s plans aim towards taxing the rich in order to mitigate the problems of the poor which will eventually lead to more equitable wealth distribution. For more updates keep visiting our website where we provide unbiased, true and top stories of the world.
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Akta Yadav

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