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 泭娶梗梯棗娶喧莽.
Whats going on: Biden 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.
What he said: President Bidenwho has proposed a 25% minimum billionaires taxused the bulk of his speech to call for tax hikes.
- The president said decades of Republicans policies that cut taxes for the wealthy with the idea of stimulating the economy failed America.
- President Biden has said raising taxes on the wealthiest Americans is how we invest in the country.
However The Tax Cuts and Jobs Act of 2017 was rocket fuel for manufacturing, 51勛圖厙 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 and that Congress act to forestall further tax increases next year.
The final say: [T]he path is clear, Timmons said in his February address. No new taxes on manufacturers.
