Former President Barack Obama was on a mission: to raise taxes on those he considered rich. President Joe Biden is taking a different approach: He wants to make the rich a little richer.
For Obama, “the rich” was a family making $250,000 a year ($200,000 for a single individual), and he frequently expressed his desire to require them to, in his words, “pay a little more.”
In a speech delivered at George Washington University on April 13, 2011, Obama said:
I say that at a time when the tax burden on the wealthy is at its lowest level in half a century, the most fortunate among us can afford to pay a little more. I don’t need another tax cut. Warren Buffett doesn’t need another tax cut. … And I believe that most wealthy Americans would agree with me. They want to give back to the country that’s done so much for them. Washington just hasn’t asked them to.
Actually, the political left has “asked them to” pay more time and time again. Increasing taxes and spending are the only two ideas the left has.
Ironically, Biden wants to hand over taxpayer dollars to those same families that Obama called “the most fortunate among us.”
In his Covid-19 (non)stimulus proposal, Biden provides up to $1,400 per person, phasing down as income rises. In some cases, based on how some dependents are counted, families making up to $300,000 a year could still receive some of the stimulus funds.
I guess being poor ain’t what it used to be.
Republicans are proposing a smaller handout, $1,000—which, of course, is in addition to the $600 passed by Congress in December. And Republicans want to cap the income limit at a much lower level.
But here’s the really strange part. Unlike the Great Recession that began in 2007 and hit higher-income families the hardest, lower-income working families have borne the brunt of the pandemic lockdowns’ economic pain and job losses.
Most higher-income families have been able to weather the pandemic, many have even prospered in it.
So why would Democrats demand the government hand out taxpayer-funded (non)stimulus checks to higher-income families?
To paraphrase Obama:
I don’t need a taxpayer-funded stimulus check. Warren Buffett doesn’t need a taxpayer-funded stimulus check. … And I believe that most wealthy Americans would agree with me.
February 2, 2021