Biden delivers impassioned defense of his raid on the rich 

President Joe Biden delivered an impassioned defense of his plans to hike the top income tax rate for the wealthiest filers and hike taxes on corporations – saying it won’t affect the lifestyles of wealthy CEOs even a ‘little tiny bit.’

Biden defended the tax hikes when he got asked Wednesday about tax hikes as part of his American Jobs Plan and other proposals. 

Biden referenced his decades in Congress representing Delaware – a state where man top companies are incorporated due to its beneficial tax and disclosure laws – and made the case that CEOs would still prosper even if his tax hikes go through. 

‘I’m going to have to be able to explain this. And I’m going to keep banging at it,’ said President Biden Monday, saying his tax hikes won’t hurt the very wealthy a ‘little tiny bit’

‘The average CEO of a fortune 500 companies makes like 36 times with the average employee of that corporation made. It’s over 450 times as much now. As my mother would say, who died and left them boss?’ Biden said.

‘No seriously what rationale? Tell me, what benefit?’ he asked, alternately raising his voice, leaning into a podium, and sometimes bringing his voice down to a whisper to make a point.

‘We’re not going to deprive any of these executives of their second or third home. Travel by jet. Not going affect your standard living at all – not a little tiny bit,’ said Biden, who himself maintains homes in Wilmington and the beach community of Rehoboth, and gets to travel on Air Force One. 

‘But I can affect the standard of living of people I grew up with – if they have a job,’ said the Scranton-born Biden. 

Biden noted that a large number of companies are incorporated in Wilmington, where he lives

Volunteers handout donated food at a distribution event organized by the Bayonne Food Bank in Bayonne, New Jersey, USA, 04 May 2021

‘We’re not going to deprive any of these executives of their second or third home,’ said Biden, who maintains a spacious home in Wilmington, Del. and another in Rehoboth Beach, Del.

‘Making sure that standard of living and who I grew up with if they have childcare and can afford it, so 20 million women can be back in the workforce,’ he said.

‘This is – this makes no sense to me. But, I’m going to have to be able to explain this. And I’m going to keep banging at it.’

He told reporters who came to hear his speech about providing assistance to restaurants struggling in the pandemic that, ‘I think most of you understand what I said, whether you agree with me or not, I think you understand what I’m saying.’

‘It’s fair to say this is about making the average multimillionaire, pay just a fair share. It’s not gonna affect their standard of living a little bit. Thank you all very much.’

An August 2020 study by the Economic Policy Institute found the average CEOs of the largest firms earned 320 times what the typical worker got paid.  That was far more than they earned in the 1990s.

Biden’s infrastructure would raise corporate tax rates from 21 per cent, where they went in the 2017 tax cut signed by President Trump, and raise them to 28 per cent.

He wants to restore income tax rates for the top bracket to 39.6 per cent, from 37 per cent.

And he wants to nearly double capital gains rates from 20 per cent for those earning more than $1 million a year. 

Biden indicated a willingness to compromise on things like corporate tax rates when he meets with Republicans next week. Some have suggested a 25 per cent corporate tax rate. 

‘Yes, it doesn’t have to be exactly what I say … I’m willing to compromise, but I’m not willing to not pay for what we’re talking about. I’m not willing to deficit spend. [What] we already have is $2 trillion in the hole,’ referencing the costs of the 2017 tax cuts.

He said he would negotiate ‘seriously’ with Republicans.