President Joe Biden has put out his plans for the economy, including how he wants to raise taxes and lower the prices of goods.
Biden talked about plans for the future of the American economy in his State of the Union Address. He talked about how he would change the tax system to make it fair for everyone and bring down prices for people.
“I took over an economy that was about to crash.” “Right now, our economy is the envy of the whole world,” Biden said.
Biden said, “The only way to make the tax code fair is for big businesses and the very rich to finally pay their fair share.” Biden has talked a lot about how corporations should pay more taxes and how unfair the current tax rates are for regular people.
The “billionaire tax” that Joe Biden has talked about would mean that people whose annual income is more than $100 million would have to pay at least 25% in taxes. He also has plans to make some of the changes and programs that he has already put in place even better.
The president said he would push Medicare to get even lower drug prices so that more Americans could get their prescription drugs. Biden’s plan for the economy is very broad, and we’ve already seen plans work, like getting rid of “junk fees.”
On Super Bowl Sunday, he even did his own ad to criticize companies that put less product in their boxes but charge the same price or more. It was something he called “shrinkflation.”
Although Biden has made changes to the economy that are seen as positive, data show that many Americans aren’t aware of many of the things he has done.
“We still need to do more to make sure you feel the benefits of everything we’re doing,” Biden said.