![]() "It will come from you - the American people," Scott said. "Our best future won't come from Washington schemes or socialist dreams," said Scott, the sole Black Senate Republican. Senator Tim Scott argued in his rebuttal to Biden's speech that the proposals will hurt long-term economic growth. News of the capital gains tax proposal caused stock markets to drop briefly last week. ![]() The $2 trillion-plus infrastructure plan is funded by an increase in corporate taxes. tax system, including raising the top marginal tax rate for the wealthiest Americans to 39.6% from its current 37%.īiden has proposed nearly doubling the tax on investment income – known as capital gains – for Americans who earn more than $1 million. To pay for the plans, Biden has proposed an overhaul of the U.S. The American Families Plan and the infrastructure and jobs plan the White House introduced earlier this month could represent the most significant government transformation of the economy in decades. It also includes $200 billion for free, universal preschool and $109 billion for free community college regardless of income for two years, the White House said. It takes too long to get consensus."īiden’s plan includes $1 trillion in spending on education and childcare over 10 years and $800 billion in tax credits aimed at middle- and low-income families. He and others, autocrats, think that democracy can’t compete in the 21st century with autocracies. "He's deadly earnest about becoming the most significant, consequential nation in the world. "China and other countries are closing in fast," he said, adding that he has spent a lot of time talking to Chinese President Xi Jinping. "This whole thing could have just been an email," Representative Kevin McCarthy, the top Republican in the House, said in a tweet.īiden said the spending plans were needed to keep up with China, which he and his administration sees as a major strategic challenger. The initial Republican response to his speech was skeptical, and somewhat dismissive. Polls show most Americans support increased investment in schools, education, and infrastructure, and taxing the rich more. The White House is hoping that at least some Republicans will bend to popular will. Many question the wisdom of embracing spending policies that are more aggressive than most of Biden's allies or rivals had expected. ![]() Republicans in Congress already have their eyes on making gains in the midterm congressional elections in 2022, and are aligning a divided party around opposing Biden. He had promised throughout the 2020 presidential campaign to work with Republicans, but his major legislative achievement, a $1.9 trillion pandemic stimulus plan, passed without a Republican vote. Whether Biden can truly bring Republicans across a deep partisan divide is far from clear, with Congress polarized and Democrats holding only narrow majorities. He said he was willing to work with lawmakers on both sides of the aisle to come to an agreement, and he is to meet top Democratic and Republican lawmakers at the White House on May 12 to try to find common ground. He made his plea in the House of Representatives at an event scaled back this year because of the pandemic, removing his mask to speak to a group of about 200 hundred Democratic and Republican lawmakers, other officials and guests.īiden is trying to thread the needle between Republicans opposed to more spending and the tax increases needed to pay for it, and liberal Democrats who want him to push for more aggressive plans. ![]() "It's time for corporate America and the wealthiest 1% of Americans to pay their fair share - just pay their fair share," Biden said. Republicans largely sat silently during the speech while Democrats applauded as Biden spoke.īiden, who took office in January, also made an impassioned plea to raise taxes on corporations and rich Americans to help pay for his $1.8 trillion "American Families Plan". ![]() Pushing a vision of more government investment funded by the wealthy, the Democratic president urged Republicans who have so far resolutely opposed him to help pass a wide array of contentious legislation from taxes to police reform to gun control and immigration. Washington, April 28 (Reuters) - President Joe Biden proposed a sweeping new $1.8 trillion plan in a speech to a joint session of Congress on Wednesday, pleading with Republican lawmakers to work with him on divisive issues and to meet the stiff competition posed by China. ![]()
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