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Biden pushes tax hikes to fund education proposals

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President Joe Biden was in Virginia pushing his plans to increase spending on education and children, part of his $1.8 trillion American Families Plan. Biden proposes raising taxes on corporations and wealthy Americans to pay for the initiatives. (May 3)

Video Transcript

PRESIDENT JOE BIDEN: I'm here today at Tidewater Community College to talk about America's family plan, that I announced last week. A "once in a generation" investment in our families, in our children, that addresses what people care most about and most need. The investment we need to win the competition.

The competition with other nations in the future because we're in a race. We're in a race. It all starts with access to good education, as you all know.

But the rest of the world has caught up to us. The rest of the world has caught up to us. They're not waiting.

And 12 years is no longer enough to compete with the world in the 21st century, and lead the 21st century. That's why my American Families Plan guarantees four additional years of public education for every person in America, starting as early as we can. I think it's about time we start giving tax breaks and tax credits to working class families and middle class families, instead of just the very wealthy.

And here's what the American Families Plan doesn't do. It doesn't add a single penny to our deficit. It's paid for by making sure corporate America and the wealthiest 1% just pay their fair share. I don't want to punish anybody, but everybody should chip in. Everybody should pay something along the road here.

The choice is about who the economy serves. And so I plan on giving tax breaks to the working class folks and making everybody pay their fair share. So for folks at home, I'd like to ask a question. Do we want to give the wealthiest people in America another tax cut? Or do you want to give every high school graduate the ability to earn a community college degree on their way to good paying jobs or on the way to four years of school, an interest in the future?

Again it's a choice. Is it more important to shield millionaires from paying their fair share? Or is it more important that every child gets a real opportunity to succeed from an early age and ease the burden on working families?