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Why does Biden think the rich don't pay?
To the Editor:
Joe Biden seems to have made his campaign message, I will solve all problems by taxing the rich and the big corporations. So I ask, why can't politicians be honest and tell the truth?
Not new news, the top 1% of all taxpayers pay 46% of all income taxes collected. The top 10% pay 70%, and the bottom 50% only pay 2%. So why does Biden say the rich don't pay?
On to corporations, now I agree CEO pay is crazy high in many cases. But corporations do pay. The Trump tax cuts did lower their tax rate but it was one of the highest in the world and now at 21% is much more competitive to invite foreign investments. If corporations are taxed more, they simply raise the prices of their products so the consumer then pays a higher price.
More recent news, Nippon steel is interested in buying US Steel. Since some think US steel has to be US owned there was some outcry about this sale. Typically Biden first announced he was opposed to the sale caving in to first reported public reports. He should have been honest. It's a good thing for one of our strongest allies to want to make a big investment in a company in the US. At one time US steel was the world's largest steel producer. It is now 24th, not a leading player. It has been struggling for years, helped briefly by the Trump/China tariffs. Allowing Nippon to make this sale, Japans largest steel producer provides a huge investment and influx of money to modernize and update the US steel company. Nippon said they would support the union deals in place to keep everyone working, etc.
The $280 billion Chips Act, Biden's attempt to help companies build semiconductor chip factories in many states, is a worthwhile effort. It is giving money to many foreign companies investing to build US plants. Similar in that it encourages foreign firms investing in America.
After the Japan leader just visited the White House last week, Biden said he now supports the sale, a wise move.
I believe Joe would get a lot more respect if he would try to be honest, less of a politician. His line of I'll solve the problems by taxing the rich shows he is disingenuous or not aware of the facts.
Donald W. Loht
McClure