Biden takes tough action on US high earners with significant tax increase

On Wednesday President Joe Biden declared tax increases that will mark businesses, married couples, high earners on more than $400,000. 

During a speech at the White House, Mr President clarified the maneuver was not intended to “punish” certain individuals.

Mr. Biden said: “I didn’t hear anybody hollering in this recovery, so-called, before I became president, this k-shaped recovery. Where is the outrage there?”

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Mr. President further added: “I’m not trying to punish anybody but dammit. Maybe because I come from a middle class neighbourhood.

“I’m sick and tired of ordinary people being fleeced.”

He also agreed on his intentions to find deal with Republicans, but would not accept inaction.

Mr Biden said: “Compromise is inevitable. But here’s what we won’t be open to.”

“We will not be open to doing nothing. Inaction simply is not an option.”

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The policy change is focused to support his plans for infrastructure, including the construction of new roads and green technology development.

One new green infrastructure policy that the Biden Administration is suggesting is to make available federal offshore territory for wind farms.

The total tax hikes will add up to $3trillion.

The total infrastructure plan will cost approximately $4trillion, with the remaining $1trillion being realized by borrowing.

The new administration considers borrowing so much money as reasonable considering the historically low-interest rates.

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On Monday White House press secretary Jen Psaki said: “The president has a plan to fix the infrastructure of our country.

“He has a plan to pay for it. If members of Congress don’t like it, we´re happy to look at their proposals.”