President Joe Biden says the country is at an “inflection point” and we need to set the country on a new path where everyone benefits from the economy.
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Biden’s laid out his proposal Thursday at the White House to get the wealthy to “pay their fair share” in taxes.
“Right now the top one percent for example evade an estimated $160 billion that they owe each year.”
“Not new taxes, taxes that they owe.”
This comes as Biden awaits Congress to pass his $3.5 trillion package that would have the government shoring up U.S. households, setting industrial policy to tackle climate change and confronting the gaping income inequality that was laid bare by the COVID-19 crisis.
And Biden is also facing a standoff with Senate Minority Leader Mitch McConnell, who is not budging on his demand that Democrats go it alone on the federal debt limit.
McConnell reiterated in a call with Treasury Secretary Janet Yellen Wednesday evening that Republicans will not help lift the cap on federal borrowing, which now stands at $28.4 trillion.
It’s all part of an emerging standoff in Congress over the issue.