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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.

RELATED: Rapper 50 Cent does 180 after seeing Joe Biden’s tax plan, ‘Vote for Trump…I’m out’

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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New York City Mayor Eric Adams Proposes Housing Asylum Seekers in Private Homes

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New York City Mayor Eric Adams has unveiled a new plan to potentially place thousands of asylum seekers in private residences while compensating local homeowners and landlords.

During a City Hall press conference, Mayor Adams expressed his vision to move beyond housing single migrant men in churches and mosques and explore the option of utilizing private dwellings.

Adams emphasized the potential savings that could be achieved by redirecting the estimated $4.3 billion budget for housing the influx of migrants into everyday houses of worship and private residences, rather than corporate entities. The mayor suggested that recycling local dollars would benefit both the city and its residents.

According to reports from the New York Post, Adams said, “It is my vision to take the next step to this faith-based locales and then move to a private residence.”

“We can take that $4.2 billion — $4.3 [billion] maybe now — that we anticipate we have to spend and we can put it back in the pockets of everyday, everyday houses of worship instead of putting it in the pockets of corporations.”

“We should be recycling our own dollars,” he continued.

Acknowledging potential obstacles, Adams alluded to a “30-day rule” that City Hall would need to overcome. However, he did not provide further details on the rule or the aspects of implementing the plan.

With over 72,000 individuals having arrived in New York City since last spring, the mayor stressed the urgency of finding sustainable housing solutions beyond taxpayer-funded emergency shelters and hotels. The current system, which accommodates approximately 45,000 people, is deemed unsustainable given the continuous influx of migrants.

Adams indicated that the city would seek ways to bypass existing government regulations that prohibit housing homeless individuals in private homes. Additionally, City Hall aims to work with the state legislature to facilitate agreements that bring illegal basement apartments up to code, presenting a more affordable and viable housing alternative.

The estimated cost of the ongoing crisis is expected to exceed the current $4.3 billion budget, particularly as daily arrivals continue to increase. Last week alone, the city registered 2,200 new arrivals. To address cost concerns, Adams’ proposal to house asylum seekers in houses of worship is projected to cost approximately $125 per night, significantly less than the current expenditure of $380 per night in converted hotels.

Mayor Adams’ plan to utilize private residences represents a significant development in New York City’s efforts to address the housing needs of asylum seekers. However, the feasibility and implementation of this proposal, including overcoming legal and logistical challenges, remain to be seen.

Follow Alexander Carter on Twitter @AlexCarterDC for more!

 

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