President Biden praised Democratic lawmakers’ potential multitrillion-dollar tax hike. 
In a <a href="https://www.whitehouse.gov/briefing-room/speeches-remarks/2021/09/16/remarks-by-president-biden-on-the-economy-4/">speech</a> delivered at the White House on September 16, Biden argued that a recent proposal from his Democratic allies in Congress would make the federal tax code more equitable by forcing wealthy Americans to “pay their fair share.”
The potential $2.9 trillion in new taxes closely follows an attempt to pass the Commander-in-Chief’s $3.5 trillion social welfare agenda. Among other <a href="https://www.dailywire.com/news/how-the-democrats-new-tax-hike-will-impact-your-wallet">items</a>, the revenue proposal suggests raising the income tax, the corporate tax, and the investment tax, as well as establishing an additional surtax on wealthy Americans.
President Biden commented:
<blockquote>Big corporations and the very wealthy were doing very well before the pandemic. That’s why I’ve said — starting back in my campaign for president — that it’s not enough just to build back; we have to build back better than before. And that’s how it all begins. 
I’m not out to punish anyone. I’m a capitalist. If you can make a million or a billion dollars, that’s great. God bless you. All I’m asking is you pay your fair share. Pay your fair share just like middle-class folks do. But that isn’t happening now.</blockquote>
President Biden’s remarks wrongly claimed that the wealthy do not already pay their “fair share.” Indeed, high earners provide the vast majority of federal revenue.
As The Daily Wire’s <a href="https://www.dailywire.com/news/61-of-americans-paid-no-income-tax-in-2020-report">Ben Johnson</a> detailed in August, Internal Revenue Service data from 2018 show that the top 1% of American income earners paid more in federal income taxes than the bottom 90% percent of income earners combined. Additionally, 61% of all American taxpayers paid no taxes last year, and the bottom half of taxpayers paid less than 3% of all income taxes.
Biden also claimed that only wealthy Americans will pay more taxes:
<blockquote>We’re not going to raise taxes on anyone making under $400,000. That’s a lot of money. Some of my liberal friends are saying it should be lower than that. But only corporations and people making over $400,000 a year are going to pay any additional tax… Not only will no one making under $400,000 see their taxes go up, the middle class are going to get some tax cuts — some breaks.</blockquote>
However, a recent <a href="https://www.dailywire.com/news/analysis-democrats-say-theyre-taxing-the-rich-but-theyre-actually-crushing-small-businesses">analysis</a> from Americans for Tax Reform notes that many small businesses — which account for over 65 million private-sector workers — will be affected by the new taxes.
Boosting the top income tax rate from 37% to 39.6%, for example, would “increase taxes on businesses organized as pass-through entities like sole proprietorships, LLCs, partnerships and S-corporations” — a legal status that applies to 95% of America’s 26 million businesses. In the same vein, 1.4 million small businesses are organized as C-corporations — and would therefore be impacted by higher corporate tax rates suggested by the Democrats’ proposal.

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‘I’m A Capitalist,’ But ‘Pay Your Fair Share’: Biden Praises Democrat Tax Hike