One of the most divisive topics diving our nation comes down to taxing the rich. The Biden Administration proposes the rich pay more taxes because they can afford to pay them in a new ambitious spending deal and the deal is even getting support from one of the higher taxpayers himself, former president Barack Obama.
Though many wealthy people are trying to avoid taxes with the goal of maintaining their wealth, the era of the one percenter might becoming to an end. Obama even put himself in this income bracket with a personal fortune of $70 million with various venture after serving his two terms along with then Vice President Biden.
Obama’s ventures post-president paid off with the release of his best-selling memoir in 2017 with a $65 million book deal and former first lady Michelle Obama signed a Netflix deal valued at over $100 million. The Obama family has made a lot of money that they can keep to themselves but are deciding to do the right thing and pay fair taxes under Biden’s new $3.5trillion spending package.
Biden is already facing backlash from business groups and Republicans opposed to personal and corporate tax increases with Biden planning on increasing in the spending package. One of people affected by this change would be former president Obama and he has open supported the spending plan without any opposition for having to pay more taxes.
Biden’s $3.5 trillion spending plan has the goal of improving Democratic priorities including improving the fight against climate change, healthcare, childcare, and more. On an interview with Good Morning America Obama mentioned his support for the spending plan saying, “I think they can afford it. We can afford it. I put myself in this category now.”
Obama continued to address the spending plan saying, “You’re talking about us stepping up and spending money on providing childcare tax credits. Making those permanent to help families, who for a long time, have needed help. “You’re looking at making our infrastructure function more efficiently … you’re talking about rebuilding a lot of buildings, roads, bridges, ports so that they are fortified against climate change. And also, that we start investing in the kinds of energy efficiency that’s going to be required to battle climate change.”
One of the richest men and former president of the United States is displaying that a man of his wealth supports President Biden’s spending plan and can act as an example to the rich who take unfair advantage through taxes.
