Biden touts his plan to tax the rich following a disappointing jobs report, but says the super-wealthy can still ‘have their 3 homes’

Joe Biden
President Joe Biden. Mandel Ngan/AFP via Getty Images
  • Biden touted his plans to tax the wealthy following a disappointing August jobs report.
  • He said even with his proposed tax increases, “the super-wealthy can still have their 3 homes.”
  • Biden’s plan will only impact those making over $US400,000 ($AU540,718) to ensure the rich pay their “fair share.”
  • See more stories on Insider’s business page.

After the August jobs report significantly missed expectations, President Joe Biden admitted he would have liked to see better numbers. But he said his economic agenda will help the nation get there – particularly, his plans to raise taxes on the wealthy and corporations.

“We are going to deliver these investments without raising taxes one cent on anyone making less than $US400,000 ($AU540,718) a year,” Biden said during remarks following the jobs report. “How are we going to do that? We’re going to do it by leveling the playing field.”

“The super-wealthy are still going to be able to have their three homes,” he added.

Even though job growth in August significantly decreased from July, Biden said his economic plan is still working given that jobs are still being added each month. He said the Delta variant is the main factor to blame for the disappointing growth, and it’s imperative that Congress pass his $US1 ($AU1) trillion bipartisan infrastructure plan, along with the Democrats’ $US3.5 ($AU5) trillion social welfare package, to continue advancing his economic agenda and building the middle class.

A main part of building the middle class comes down to his plans to raise taxes on the wealthy and corporations. When Biden first unveiled his infrastructure plan in the spring, he proposed hiking the corporate tax rate to 28% from 21%, saying at the time he was “sick and tired of ordinary people being fleeced.”

He also affirmed, after unveiling the plan, that no one making under $US400,000 ($AU540,718) would see their taxes raised, showing how his plans would only impact the ultra-rich in the country. But while many Democrats support raising taxes on the wealthy – doing so is included in their $US3.5 ($AU5) trillion reconciliation bill – Republican lawmakers are in strict opposition to it, which poses challenges to Biden’s agenda.

Biden also cited during his remarks the significant wealth gains the ultra-wealthy have made during the pandemic as a need to level the playing field. Insider previously reported that, according to the Institute for Policy Studies, billionaires collectively got $US1 ($AU1).8 trillion richer during the pandemic, with Tesla CEO Elon Musk becoming 600% richer.

Bloomberg reported on Friday that Democratic lawmakers are considering a range of tax proposals to help fund their reconciliation bill, including a tax on excess CEO pay, along with raising the corporate and individual income tax rates.

“Somebody’s gotta pay,” Biden said. “And when those who can afford to pay aren’t paying anywhere near their fair share, it means you all are paying more.”