Sen. Bill Cassidy, R-La., on Sunday stood in defense of the Trump-era tax cuts that are now a target for President Joe Biden’s American Jobs Plan, indicating that the wages in the low-income earners circles have increased, Fox News informed.
Chriss Wallace, the Fox News Sunday anchor asked Cassidy what is the problem with increasing the top tax rate to a level that corresponds to that of the Obama and Bush administrations, citing Tax Policy study on the effects of the former president Trump 2017 Tax Cuts and Jobs Act.
Cassidy stated that what Biden wants to do is reinstate measures that will worsen the economy and return it to the days of severe unemployment of women, veterans, African-americans, Hispanics, the disabled, and high school dropouts with a wage that increases disproportionately in the lower quintiles of income structure.
The $2.3 trillion spending plan that was revealed last month is set to increase the corporate tax rate from 21 percent to 28 percent, that reverses a key part of the tax law Republicans adopted in 2017.
Wallace also played a clip where President Biden claims that the new plan is set to help the middle class, and then asked Cassidy what is the problem with obliging those who earn more that $400,000 per year, to pay higher taxes as well.
The republican answered by giving praise to the Tax Cuts and Jobs Act for increasing the wages, and saying that the new plan will only serve for taking money from the rich and funneling it through Democratic interest groups.
The democrats, on the other hand are dedicated to repealing Trump’s tax cuts and even Joe Biden claimed that he would instantly repeal the GOP tax act once he assumes the presidential position.
Biden stated that income inequities are constantly rising and the GOP tax act only made this worse. He also mentioned that it is now time to start rewarding work over wealth.