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Biden set to raise taxes to fund failing social security program

By Mandy Donalds
|
January 22, 2024

President Joe Biden's team is exploring ways to recover lost ground in the forthcoming presidential election, including by considering a hike in taxes on high-income individuals in order to strengthen the Social Security program.

In a recent satisfaction poll focused on party nominees conducted by ABC News and Ipsos, Donald Trump leads with 72% support among leaning Republicans, while Biden trails with 57% among leaning Democrats.

According to the most recent Harvard-Harris poll, Trump maintains a 53 to 47 lead over Biden in general election polling, as the Daily Mail reported.

New Tax Proposal to Bolster Social Security

As Trump becomes increasingly probable as the leading GOP contender, sources inform the Washington Post that President Biden's advisers have considered the possibility of introducing additional taxes on affluent individuals to augment the funding for Social Security benefits.

Given the former president's renewed commitment to safeguarding Social Security should he be reelected, some of Biden's advisors perceive this proposal as a means to highlight the distinctions in economic policy between the two parties.

This would necessitate an expansion of Biden's proposed tax hikes, though individuals familiar with the situation clarified that these increases would not impact those earning less than $400,000 annually.

Economic Policies and Public Opinion

In a recent CBS News/YouGov poll, half of the respondents felt Biden's policies would financially disadvantage them, whereas an equal proportion believed Trump's approach would be more beneficial.

Despite this, Biden's camp maintains that the President's focus remains on the average American, in contrast to Trump's more corporation-friendly stance.

White House spokesman Andrew Bates emphasized, "President Biden is fighting to keep building an economy centered on the middle class – not rich special interests," highlighting the administration's commitment to lowering drug costs, creating a fairer tax code, and eliminating deceptive fees.

Taxation and Corporate Responsibility

The debate over tax policy remains heated. Biden has already implemented a new 15% minimum tax on corporate profits as part of the Inflation Reduction Act.

This decision paves the way for his proposal to tax billionaires, which is a key element of his potential second-term agenda.

In contrast, Trump's tax cuts, notably the Tax Cuts and Jobs Act, have been criticized for favoring the wealthy.

Studies, including those by economists Emmanuel Saez and Gabriel Zucman from the University of California at Berkeley, show that in 2018, the richest 400 families in the US paid a lower average effective tax rate than the bottom half of households.

Addressing Corporate Excess

The Biden administration is also taking steps to tackle corporate overreach. The Consumer Financial Protection Bureau recently announced a plan to limit overdraft fees.

This follows other initiatives aimed at increasing price transparency and curbing hidden fees in various industries, such as entertainment and air travel.

However, legal challenges have impeded some of these efforts, and corporate profit margins remain high.

The administration's focus on reining in corporate power and hidden fees is a clear departure from Trump's policies, which have been characterized as more lenient towards big businesses.

Looking Ahead

As the race tightens, with a recent ABC News and Ipsos favorability poll showing Biden at 33% and Trump at 35%, the Biden campaign is set to clarify its message following the State of the Union address and the unveiling of the White House budget proposal in March.

This period will be crucial for Biden to solidify his strategy and address the concerns of voters who remain uncertain about his policies.