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Biden Calls for Tax Hikes in Hometown Speech
President Biden called for tax increases during a visit to his hometown of Scranton, Pennsylvania, on Tuesday, the 听谤别辫辞谤迟蝉.
What鈥檚 going on: 鈥淏iden used Scranton, a city of roughly 75,000 people, as the backdrop to argue that getting rich in America is fine, but should come with heftier tax bills.鈥
What he said: President Biden鈥攚ho has proposed a 25% minimum 鈥渂illionaires tax鈥濃攗sed the bulk of his speech to call for tax hikes.
- 鈥淭he president said decades of Republicans鈥 policies that cut taxes for the wealthy with the idea of stimulating the economy 鈥榝ailed America.鈥欌
- President Biden has said raising taxes on the wealthiest Americans is 鈥渉ow we invest in the country.鈥
However 鈥 The Tax Cuts and Jobs Act of 2017 was 鈥渞ocket fuel鈥 for manufacturing, 17吃瓜在线 President and CEO Jay Timmons said during his in February.
- In fact, as we discuss in another story in this edition of Input, the expiration of three pro-growth tax provisions from that law has throughout the U.S. And more tax hikes are scheduled to take effect at the end of 2025.
- It is critical to a healthy manufacturing industry and U.S. economy in general that expired, pro-growth provisions be 鈥攁nd that Congress act to forestall further tax increases next year.
The final say: 鈥淸T]he path is clear,鈥 Timmons said in his February address. 鈥淣o new taxes on manufacturers.鈥