President Biden’s New Plan for Taxing the Wealthy 

Written by Kaherdin Clohan Bonnet (News Writer)

As many have heard, Biden has many plans for taxes in the future, which many are concerned about and many are happy about. These new tax plans are directed mostly towards the wealthy and the rich, as President Joe Biden promised not to raise the taxes on those who are making under four-hundred-thousand dollars a year, making it so that only those who can afford it will be affected by the tax increase President Biden has also already proposed and enacted many specific pieces to his tax plan, such as; 

The American Jobs Plan, which was proposed on March 31st, 2021, and aims at increasing the taxes on corporate profits

The American Family Plan, which was proposed on April 28th, 2021. This plan involves taxing the wealthy further so that the proposed programs can be put into effect, with those programs being four more years of free education including free community college for two years and two free years of pre-kindergarten education, along with helping minority groups with college, more paid leave for families from work, greater childcare, and more beneficial programs. 

The American Rescue Plan was enacted on March 11th, 2021. This plan included changes to tax laws to benefit those with low income and cash payments to people in need, though these are time-limited things simply to help with those suffering from the COVID-19 pandemic. 

There are many other things, such as tax increases to fund infrastructure programs, corporate tax changes, individual income tax proposals, tax increases for the wealthy, an extension of individual tax benefits, and additional proposals which are much broader than the plans, yet the plans tend to fall under one of those categories.

Joaquin Cruz, a Junior at SLVHS had this comment on Biden’s new tax plan, “Good, rich people have been getting off for ages now; however I feel that funding should be more focused on community power rather than government programs that will continue making it harder for communities fighting social justice,” which does make sense, though the goal of these programs is definitely to help those communities and struggling people, though government money can never solve problems like prominent racism, homophobia, transphobia, xenophobia, and the like, however, it can help give those affected people help in certain situations that they may need.

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