March 23, 2023

Deseret News: Biden Wants to ‘Tax the Rich.’ Does a Tax Hike Make Sense?

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The U.S. had about 720 billionaires at the start of his presidency, President Joe Biden said in his State of the Union speech. “Now we have about 1,000,” he said.

He went on to unveil his administration’s proposal to increase taxes on wealthy Americans — to include millionaires and billionaires — to fund other government expenditures.

Tax the rich, unburden the middle class, is Biden’s pitch on his tax increase, which also includes raising corporate taxes.

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