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Here’s what the President had to say about it in his Address to Congress on Wednesday:
“When you hear someone say that they don’t want to raise taxes on the wealthiest 1% and on corporate America – ask them: whose taxes are you going to raise instead, and whose are you going to cut?Look at the big tax cut in 2017. It was supposed to pay for itself and generate vast economic growth. Instead it added $2 trillion to the deficit. It was a huge windfall for corporate America and those at the very top.
Instead of using the tax savings to raise wages and invest in research and development – it poured billions of dollars into the pockets of CEOs.
In fact, the pay gap between CEOs and their workers is now among the largest in history.
According to one study, CEOs make 320 times what their average workers make. The pandemic has only made things worse. 20 million Americans lost their jobs in the pandemic – working and middle-class Americans.
At the same time, the roughly 650 Billionaires in America saw their net worth increase by more than $1 Trillion. Let me say that again. Just 650 people increased their wealth by more than $1 Trillion during this pandemic. They are now worth more than $4 Trillion.
My fellow Americans, trickle-down economics has never worked. It’s time to grow the economy from the bottom up and middle-out.”
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“What I’ve proposed is fair. It’s fiscally responsible. It raises the revenue to pay for the plans I’ve proposed that will create millions of jobs and grow the economy.”
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We’ve already accomplished a lot in the first 100 days, but there’s even more left get done. Let’s make sure America can pay for it while giving businesses an incentive to make sure their workers get a fair share of profits compared to CEOs.
Thank you for taking action today.
— Molly
Molly Goldberg
Development Manager
Democracy for America
