Sen. Warren Lauds Pres. Biden’s Pushing for Higher Taxes on Super Rich

Massachusetts Senator Elizabeth Warren lauds Pres. Biden for renewing the push for taxes on rich people worth $100 million or more to pay 20% as income tax. The Democratic Senator referred to the Biden administration’s latest proposal to introduce a new tax system that would change the way highly paid corporate executives to pay higher taxes.

Actually top Democratic lawmakers including Sen. Warren have introduced similar proposals before but have not received support before, in being recognized as an agenda; particularly when Kentucky Republican Senator Mitch McConnell was Senate Majority Leader. According to the Senator Warren, what they have been proposing all along is to raise taxes imposed on the country’s millionaires and billionaires, as they are not paying taxes based on the same rates imposed on everyone else.

Pres. Biden’s Renewed Call Supports Previous Democratic Tax Reform Proposals

 

When Senator Warren campaigned for nomination as the Democratic Party’s 2020 presidential candidate, she proposed an annual tax of two percent (2%) on millionnaires and billionnaires with net worth of at least $50 million and $1 billion, respectively; plus an additional annual four percent (4%) surtax on households with bet worth of over $1 billion.

Moreover, in line with President Biden’s renewed focus on wealthy company executives, the Masschusetts Senator reiterated her criticisms on how major corporations reward their CEOs and investors with stocks that came with buyback options. The compensation method comes with buyback option, which means a CEO or investor has the option to sell for a higher value and pay a lower Capital Gains Tax rate instead of paying higher tax based on the Income Tax Table.

President Biden’s proposal is for a legislation that will require corporate executives to hold ownership of company shares for a specific number of years before selling them as equity shares.

Pres. Biden Signs E.O.s to Address Hunger and Economic Relief

Last Friday, Pres. Biden signed executive orders aimed at hastening distributions of food aid particularly to families whose children depend on school meals. Additionally, he also signed orders that wold see to the immediate distribution of pandemic stimulus checks to poor families.

The signing of the E.O.s were made ahead of the negotiations and approval of the $1.9 trillion economic stimulus package the President had previously submitted to Congress.

Biden emphasized that passing of the proposed economic stimulus package is an economic imperative and not merely for the purpose of meeting moral obligations. Brian Deese, the White House’s National Economic Council director mentioned that he would be talking to the legislators in Congress to speed up approval of the new stimulus package.

Among the fresh batch of executive orders signed by the newly elected President is a directive for the Treasury Department to widen the reach for economic assistance; as well as improve existing systems in the delivery of stimulus checks by making online tools available for receiving payments.

Another EO is directed to the Agriculture Department, which aims to raise the aid to families who rely on school meals as provisions for their children’s needs. Moreover, the President wants the Agriculture Department to give a bi-monthly allowance of a hundred dollars to needy families with more than three children.

Biden’s Actions in Tackling the Pandemic is Already on a Rollout

In stark contrast to how Trump ignored the health crisis posed by the pandemic, Pres.Biden immediately rolled out actions in addressing the threats of COVID-19 with a sense of urgency. That is considering how Trump’s downplay of the health crisis had resulted in the deaths of 400,000 Americans.

In line with the President’s plans to have at least 100 million people vaccinated during his first 100 days in office, the CDC reported last Friday, that so far, the CDC agencies throughout the country have already vaccinated 19.1 million Americans.