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The New Stimulus Package Unveiled
President Biden has now outlined how he aims to pay for the new disaster relief bill
President Biden unveiled his new $1.8 trillion stimulus package this week, the American Families Plan, and he has now outlined how he aims to pay for the new disaster relief bill.
According to the White House: “the American Families Plan would raise $1.5 trillion over a decade by taxing the highest earners.”
Biden explained that he hopes to pay for these vital stimulus bills by collecting more tax revenue from Americans who make more than $400,000 a year.
He explained: “I think you should be able to become a billionaire or a millionaire. But pay your fair share.”
According to the Institute on Taxation and Economic Policy: “The richest 1% of taxpayers, who have an average income of $2.2 million, would shoulder the burden of the tax hike.”
I completely agree that the richest Americans, and companies for that matter, should have to pay their fair share of taxes, especially if the funds are going towards a fourth stimulus check and other important disaster relief efforts.
Meanwhile, U.S. consumer spending bounced back in the month of March, thanks in large part to a surge in income as households…