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Biden says Americans who make less than $400k ‘will not pay a single penny in taxes’

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Following reports that the Biden Administration will raise taxes, President Biden held a press conference to assure many Americans that taxes for most will not increase.

“Anybody making less than $400,000 a year will not pay a single penny in taxes,” Biden said. “and we will not increase the deficit either.”

“Unlike the last gigantic tax cut which increased the deficit by $2 trillion,” Biden said, referring to the former Trump administration.

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Biden made these statements during a visit to Virginia’s Tidewater Community College. This comes as a part of the President and the First Lady’s “Getting America Back on Track” tour where they plan to discuss the American Families Plan.

The Plan, according to Biden is largely funded by closing a “loophole” within the capital gains tax. This means that when people die with large amounts of assets that are then left to their children, those children will pay a tax on the money they make by selling those stocks. Even then, only those beneficiaries who make more than $1 million will pay the tax. Biden said it will affect about 3/10ths of one percent of American taxpayers.

“They may be decent and honorable people and they are,” Biden said. “But the last thing Americans with that amount of wealth need is another tax break.”

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Economy

NY Lawmakers want to tax tech giants to get $500M to fund unemployment benefits for illegal migrants

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New York lawmakers are debating over a proposed Democratic initiative that would pave the way for a multibillion-dollar fund designed to provide unemployment benefits for illegal immigrants. Spearheaded by state Senator Jessica Ramos, a Queens Democrat, the proposal has ignited passionate discussions within the Senate Finance Committee, where it currently awaits further deliberation.

The Center Square reports the proposal would utilize a $500 million trust fund earmarked specifically to offer jobless benefits for individuals who find themselves ineligible for traditional unemployment payments and other public assistance programs. To finance this ambitious endeavor, proponents of the plan are advocating for the imposition of a novel tax targeting tech behemoths like Google and Amazon. This tax, aimed at digital advertising revenue, is projected to generate hundreds of millions of dollars to sustain the fund.

Ramos has alluded to her belief that migrants are a fundamental contribution to the state’s economy. Despite their authorization to work, payment of taxes, and active involvement in the labor force, undocumented immigrants face a glaring disparity—they are excluded from accessing vital safety nets like unemployment benefits if they lose their jobs.

In a social media post, Ramos cited the expiration of federal unemployment insurance for freelancers and the depletion of the Excluded Workers Fund. She argues vehemently for a safety net aligned with the evolving dynamics of the labor market, one that extends support to all workers, regardless of their immigration status.

The proposed fund, aptly named the Unemployment Bridge Program, outlines comprehensive eligibility criteria encompassing a spectrum of marginalized workers—from undocumented migrants to freelancers and individuals recently released from incarceration or immigrant detention. By establishing clear guidelines and procedures, the program endeavors to streamline the application process, ensuring equitable access to unemployment benefits for those in need.

The initiative comes in the wake of prolonged deliberations regarding jobless benefits for undocumented immigrants and nontraditional workers in New York. Amid the backdrop of the COVID-19 pandemic, the state previously allocated $2.1 billion to the Excluded Workers Fund, offering a lifeline to those excluded from conventional unemployment benefits.

Gov. Kathy Hochul’s proposed budget for fiscal year 2025 underscores a commitment to supporting asylum seekers, with significant allocations directed towards housing and legal assistance. The proposal has met with opposition from Republicans, who argue for prioritizing legal residents and taxpayers in the allocation of state resources. Senate Minority Leader Rob Ortt contends that limited resources should be reserved exclusively for those who have contributed to the state’s tax base.

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