In 2016, the Democrats laid out their plans in relation to taxes in the country. The party wanted to close down tax loopholes that certain individuals exploited to make more money\u00a0<\/span>[Source]<\/span><\/a>. They also planned on supporting small-scale businesses \u201cby providing tax relief and simplifying the tax code.\u201d Democrats proposed to fund social security by taxing individuals with a huge amount of annual earnings.\u00a0<\/span><\/p>\n Republicans, on the other hand, were in pursue to \u201cpromote economic growth and eliminate unspecified special-interest loopholes, while being mindful of the tax burdens that are imposed on the elderly and families with children.\u201d They wanted to preserve social security benefits without tax increases.\u00a0<\/span><\/p>\n Currently, the Democrats and Republicans are clashing in terms of raising taxes for established corporations and high-income earners\u00a0<\/span>[Source]<\/span><\/a>. According to US president Joe Biden, wealthy Americans and corporations need to \u201cpay their fair share\u201d in terms of taxes as a way to build the economy. The Biden administration proposed solutions to rectify tax evasion, including \u201cincreasing IRS enforcement and income reporting\u201d so that clarity is brought in the country\u00a0<\/span>[Source]<\/span><\/a>. Biden emphasized wealthy individuals and companies paying up a fair share because they were slacking in doing so.<\/span>\u00a0<\/span><\/strong>Natasha Sarin, the Treasury Deputy Assistant Secretary for Economic Policy, noted that \u201cThe tax gap can be a major source of inequity. Today\u2019s tax code contains two sets of rules: one for regular wage and salary workers who report virtually all the income they earn: another for wealthy taxpayers, who are often able to avoid a large share of the taxes they owe.\u201d\u00a0<\/span><\/p>\n However, Republicans are against the idea of raising taxes for a few Americans while ignoring the others. They believe it is an initiative by the Democrats to steal hard-earned cash from various hard-working people. But Biden seems determined to implement this strategy and threw shade on Trump by saying, \u201cThis isn\u2019t going to be anything like my predecessor, whose unpaid tax cuts and other spending added nearly $8 trillion in his four years to the national debt – $8 trillion\u201d.\u00a0<\/span><\/p>\n Senate Majority Leader Chuck Schumer commented on the issue of rich people evading tax and said, \u201cI think there is broad agreement between the House and Senate that the wealthy must pay their fair share, that our tax system must be made far more progressive and that we can pay for a large chunk of this bill by doing just those things.\u201d<\/span><\/p>\n But republicans reacted by saying, \u201cIf you raise taxes now, we\u2019ll cut them back when we win power.\u201d Senator Rand Paul, R-Ky, spoke on behalf of his party by saying \u201cno Republicans would vote for the new taxes,\u201d and he added that \u201cWe don\u2019t like the taxes.\u201d Also, it is an unpopular move to raise taxes when covid-19 has enacted a lot of expenses upon the public. Republicans argue that \u201craising taxes on corporations and capital gains would harm the economy.\u201d\u00a0<\/span><\/p>\n![\"\"](\"https:\/\/www.politicsphere.com\/wp-content\/uploads\/2021\/11\/pexels-nataliya-vaitkevich-6863185-1-2-scaled-e1636301705932-300x261.jpg\")
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