While serving at a 'Friendsgiving' dinner alongside first lady Jill Biden, President Joe Biden is also facing discussions about potential tax reforms, including a flat tax system, as the Republicans are about to take control of the White House, Senate, and House of Representatives in January.
President Joe Biden and first lady Jill Biden served food at a 'Friendsgiving' dinner with service members and their families in New York. Discussions about tax reform are gaining momentum as Republicans are set to control the White House, Senate, and House of Representatives in January. One proposal on the table is the implementation of a flat tax system, a single percentage income tax rate applied to all taxpayers regardless of income, which typically eliminates deductions and exemptions.
The United States currently operates under a progressive tax system with seven income brackets, where higher earners pay a higher percentage. Critics argue that a flat tax could be regressive, imposing a larger financial burden on lower-income individuals compared to higher-income taxpayers who can more easily bear the cost. A center-right nonprofit claims that a flat tax could boost wages by 1.4%, add 1.3 million jobs, and reduce compliance costs by at least $100 billion annually. However, reports suggest that a flat tax could lead to budget shortfalls due to reduced taxes for the wealthy. Supporters argue that economic growth from a flat tax could offset any revenue losses. President-elect Donald Trump will work with Congress to enact any tax system changes, a process potentially eased by Republican majorities in both chambers
President Joe Biden Tax Reform Flat Tax Republican Control Service Members Friendsgiving Dinner
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