Biden proposes a minimum tax of 15% on large companies
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By Tiziana Di Giovannandrea
May 28, 2021 United States President Joe Biden formally presented his first budget. It is a gigantic maneuver, unprecedented since the Second World War, of 6 trillion dollars, with 23 trillion dedicated to infrastructures, 1,800 billion directed to families, another 1,500 billion to finance the various federal agencies and other resources also for defense.
The intention is to "reinvent" the American economy by making it more competitive, but the downside is the risk of raising the deficit and public debt to record levels.
The allocations for 2022 are what Joe Biden decided to put in place to revive the US economy after the serious economic and social crisis caused by the Covid-19 pandemic. The US president commented: "We cannot simply go back to how things were before, we must seize the moment to reimagine and rebuild the American economy".
Contrary to his predecessor Donald Trump, the guidelines of Biden's recovery plan considerably increase investments in infrastructure, welfare (in particular that for children) and the fight against climate change, financing them with an
increase in taxation
for large corporations and the richest Americans, a decision that finds many dissensions even among Democrats. "We will get some money back from the 1% of the super rich in America who benefited from Trump's tax cuts," said President Biden.
At the center of the maneuver is
the relaunch
of the
Middle Class
to prevent the economic and social decline of the country which is in a stagnation in spending that has been going on for over a decade. An increase in the defense budget is also expected, albeit slightly. According to White House forecasts,
unemployment
will drop to 4.7% by the end of the year, to 4.1% in 2022 and 3.8% in 2023. It should then remain at 3.8% for the next seven. years.
American Jobs Plan
Joe Biden explained the philosophy behind the $ 6 trillion maneuver by illustrating how the US economy needs to be rethought to allow
workers to
benefit
more directly from the success of the companies
they work for: "We need to connect the success of our economy with the people who produce this success, the
indefatigable
American workers
. This link has been severed, "Biden said, also relaunching
wage increases.
. "It is not possible that the only measure of our economic success is the profits of the stock market or the salaries of managers. For me the only thing that matters is how the families of the workers are", concluded the American president, relaunching the 'minimum wage increase to $ 15 an hour: "No one should work 40 hours a week and live below the poverty line."