Biden's plan would establish a 20% minimum tax on households worth $100 million or more and would increase the top individual tax rate as well as the corporate tax rate.
"For most Americans, the last few years were very hard, stretching them to the breaking point, but billionaires and large corporations got richer than ever," Biden remarked earlier this week. "I'm a capitalist; if you make a billion bucks, great. Just pay your fair share."
Alfredo Ortiz, president of the Job Creators Network, says the plan is more of the same from Biden.
"It really kind of reflects the failed year that the president has had already and just kind of magnifies it and probably puts it on steroids instead of really working on what's most important, which is bringing down inflation, which is hurting everyday Americans," Ortiz responds.
The Tax Cuts and Jobs Act that President Trump signed into law set the corporate tax rate at 21%. President Biden wants it at 28%, which is lower than the Obama administration's 35% rate. Ortiz submits that part of the reason why the economy was doing so well under the Trump administration was because of the tax policy at that time.
"The corporate tax rate and the small business tax deduction were the two biggest drivers of where we were," he says. "The focus on domestic energy production was also one of the biggest reasons why I think we had the success we had, because we truly had energy independence, which is far from where we are right now."
While Biden has vowed not to increase taxes on people making less than $400,000, center-right individuals, think tanks, and special interest groups argue that the rising prices for necessities like energy and food are in a way a tax on the American people.
