Biden’s Billionaire Tax and Other Economic Follies
President Joe Biden delivers his State of the Union address to a joint session of Congress in the House Chamber at the U.S. Capitol, Thursday, March 7, 2024, in Washington, D.C. (Official White House Photo by Adam Schultz)
President Biden is very concerned about how to get more money from working Americans and redistribute it to non-working and non-taxpaying people, both foreign and domestic.
He does not seem concerned about reducing his spending, stopping the funding of illegal immigrants, giving away money to Ukraine, or getting people off of welfare. Instead, the fix he came up with in the State of the Union Address was a proposed 25% tax on America’s billionaire households.
The top income tax rate currently is 37%,
