Joe Biden has given up taxing millionaires

“Pay your fair share! “ : Joe Biden reiterated his ban on millionaires three times on Thursday, October 28. This mantra cannot hide the reality of darkness: the US president has abandoned the half-tax plan on fortunes and actually abandoned taxing millionaires. The idea was to impose a 23.8% tax on the undisclosed capital gains of 700 American millionaires, which led to the payment of $ 50 and $ 45 billion to the two richest people on the planet, Elon Musk (Tesla) and Jeff Bezos (Amazon). For more than five years, according to the calculations of the French economist Gabriel Jugman. Similarly, the idea of ​​raising the corporate tax rate from 21% to 28% was dropped. There was no carbon tax when the Glasgow Climate Summit approached, but it was never considered.

As Joe Biden promised not to penalize Americans earning less than $ 400,000 a year, he announced a series of screw-ups on corporations and the rich to get about $ 2,000 billion in cash over eight years. It is challenging to fund its community program in six to ten years, with its amount halved to $ 1,750 billion.

Therefore, the minimum corporate tax rate would be 15%, within the framework of the organization’s agreements for economic cooperation and development, where coastal profits would be taxed higher, while higher incomes would be 5% higher. $ 10 million, over 8% of $ 25, which is 45% of the maximum federal margin tax. Strengthening the tax authorities’ means of bringing in $ 400 billion is a very powerful tool.

Biden cannot make a revolution

Revolutions await. With the Senate on parity between Democrats and Republicans, Mr. Biden cannot create a revolution. Already this winter, he had to drop raising the federal minimum wage to $ 15 an hour. George W.. Since 2009, it has been suspended at $ 7.25 an hour, following a decision made under Bush.

On the cost side, Joe Biden’s plan is divided into three main chapters: the environment – this material was initially in the infrastructure plan – $ 550 billion, child and family policy 750 billion, housing and health 350 billion. “It’s a confusing and disgusting budget process.Jason Furman, a professor at Harvard and former economic adviser to Barack Obama, was delighted.

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