Biden expected to demand billionaires, businesses pay more taxes after blowing off budget deadline

President Joe Biden will give his second State of the Union address on Tuesday and is expected to call for billionaires to pay more of their “fair share” in taxes while also demanding that businesses pay a quadrupled levy on stock buybacks, neither of which stands a chance of passing in Congress.

Biden will likely tout the lowest unemployment rate in 50 years, his post-pandemic recovery, and the passing of bills to tackle climate change and improve infrastructure during the address.

“President Biden is a capitalist and believes that anyone should be able to become a millionaire or a billionaire. He also believes that it is wrong for America to have a tax code that results in America’s wealthiest households paying a lower tax rate than working families,” the White House said in a statement on Monday.

The White House is disingenuously claiming that the majority of billionaires pay a tax rate of eight percent, which he contends is lower than most Americans. While the wealthy do make use of loopholes and go out of their way to not pay any more tax than necessary, they pay the majority of income tax in the United States. Many Americans pay very little or no income tax.

You can only tax the wealthy so much before there are no more billionaires left to tax. They either lose their wealth to the federal government or they flee to another country that is not as intent on taking their money.

“This minimum tax would make sure that the wealthiest Americans no longer pay a tax rate lower than teachers and firefighters,” the White House falsely claimed.

Biden is also going after stock buybacks and wants to tax them as well.

“Stock buybacks enable corporations to funnel tax-advantaged payouts to wealthy and foreign investors, instead of paying dividends that shareholders are required to pay taxes on,” the White House factsheet asserted. “Last year, oil and gas companies made record profits and invested very little in domestic production and to keep gas prices down — instead they bought their own stock, giving all that profit to their CEOs and shareholders.”

The Republican-controlled House is likely to shoot down both proposals.

Conservatives want Biden to address cutting federal spending and to be “truthful” with Americans concerning threats to homeland security. Especially in the wake of the Chinese spy balloon incident which they also want him to speak about during the speech as well as broaching the subject of the border.

“This Chinese spy balloon was a wake-up call and I believe a Sputnik moment for the country,” Rep. Mike Waltz (R-Fla.) told the Daily Mail. “President Biden needs to be honest with the American people that the Chinese Communist Party is in a Cold War with us and this needs to be made a priority for our country.”

Rep. Kevin Hern, who is an Oklahoma congressman and the chair of the Republican Study Committee, also noted that the president’s speech comes one day after he missed a deadline for submitting a budget proposal to Congress for the next fiscal year.

“February 6th is the deadline for Biden’s budget request – and he’s coming to speak to Congress the very next day. Without a budget, what does he have to present to us?” he remarked.

“Americans made it clear that they’re sick of the spending; they know what the Biden Administration refuses to admit, that every dollar Biden spends comes from the American taxpayers. Anything short of a full commitment to cut spending and balance the budget is a failure of leadership from this president,” Hern declared.

Meanwhile, outgoing White House economic advisor Brian Deese blatantly fibbed about Americans being better off during the Biden administration while crowing about the low unemployment rate.

“The state of the economy is strong. You see that in the lowest unemployment rate in 53 years,” he told reporters at the White House, according to the Daily Mail.

(Video Credit: The Daily Mail)

Deese, who heads the National Economic Council, claims we are doing just peachy compared to other nations.

“And you know, it is the case that if you go around the world, if you talk to heads of state, CEOs, other leaders, they will tell you that the United States really is better positioned than almost any other country. That the opportunity to invest in the United States as so many people are enthusiastic about. And that bodes very well for the economy not only in the very short term but in the medium term,” he said.

When asked about an ABC/Washington Post poll that shows Americans are overwhelmingly dissatisfied with the economy under Biden, Deese falsely contended, “So I think, I think the poll that you just said it’s actually consistent so about two-thirds of Americans say that their circumstances are better than before.”

According to the poll, only 16 percent think they are doing better under Biden’s leadership.

“And I think that it is the case that if you look at the kind of key measures of basic economic security: Do I have health insurance? Do I have $400 in the bank in case my car breaks down or I have another emergency expense? Am I late or delinquent on a credit card bill am I facing foreclosure? If you’d look at all of those measures on average, American households are in a better position than they were before the pandemic hit, and that’s true for that lower income quartiles as well,” he commented.

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