While Rick Scott and Republicans want to raise taxes on nearly 40% of North Carolinians, President Biden’s proposed a budget asks billionaires and the wealthiest 0.01% of Americans to pay their fair share
This week, President Biden announced his budget for Fiscal Year 2023, which would impose a new Billionaire Minimum Income Tax on the wealthiest Americans to reduce the deficit by more than $1 trillion over the next decade, advance safety and security at home and around the world, and make the investments needed to build a better America. Meanwhile, Republican lawmakers have embraced Senator Rick Scott’s GOP agenda that could raise taxes on nearly 40% percent of North Carolinians and sunset Social Security and Medicare in five years.
Under these two plans, let’s take a look at whose taxes could go up and whose wouldn’t:
|Under Republicans’ Plan||Under Biden’s Budget|
|Fast Food Workers||Taxes increase on average||Taxes don’t increase|
|Child Care Workers||Taxes increase on average||Taxes don’t increase|
|Waiters and Waitresses||Taxes increase on average||Taxes don’t increase|
|Home Health Aides||Taxes increase on average||Taxes don’t increase|
|Farmworkers||Taxes increase on average||Taxes don’t increase|
|Billionaires||??????||Taxed at least 20% on their full income, including unrealized appreciation|
“The difference couldn’t be clearer–while President Biden and Democrats want to make the rich pay their fair share to help lower costs for working North Carolinians, Republicans are siding with billionaires and proposing major tax increases for hundreds of thousands of people across North Carolina,” said NCDP Spokesperson Ellie Dougherty.
For a full breakdown of President Biden’s Billionaire Minimum Income Tax, see HERE.