President Biden: ‘I Want To Make It Clear I’m Going To Raise Some Taxes’

(Photo by Melina Mara-Pool/Getty Images)

On Tuesday, President Biden promised Americans that he is going to “raise some taxes” in order to cut the federal deficit while supporting Social Security and Medicare.

“When I introduce my budget, you’ll see that it’s going to invest in America, lower health costs, and protect and strengthen Social Security and Medicare while cutting the deficit more than $2 trillion over the next 10 years,” Biden claimed. “But, by the way, I want to make it clear I’m going raise some taxes. Many of you are billionaires out there. You’re going to stop paying at 3 percent. Not a joke.”

It should be noted that the top 1 percent of income earners pays nearly half of all federal income taxes, and pays more in federal income taxes than the bottom 90 percent combined.

“The idea that a billionaire — we used to have 600 or so in the United States of America; now there’s 1,000,” Biden continued. “The idea that they pay at a rate that is lower than the rate of a police officer, a schoolteacher, a nurse, is bizarre.”

“You’re going to see the people making less than $400,000, as I said from the very beginning, will not pay an additional single penny in any tax,” he falsely claimed. “If I can hold a second. One of the reasons I was able to keep the debt down this time around — they’re — the Fortune 500 companies, they’re good companies. I — and, by the way, I come from the corporate capital of the world, Delaware. More corporations are incorporated in the state of Delaware than every other state in America combined. I got elected 36 years’ worth (inaudible). So I’m not anti-corporation, but I think everybody should pay a — take a fair shot, pay a fair share.”

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