Joe Biden ridiculed the Republican Party on Monday for proposing a bill that would end the Internal Revenue Service (IRS) and income taxes.
“They’re fiscally demented, I think,” he said, referring to Republicans.
The president spoke about Republican economic proposals during a breakfast speech for Martin Luther King Jr. Day hosted by Al Sharpton’s National Action Network.
Biden raised concerns about the Republican plan that would end the IRS and income taxes in favor of what is called the “Fair Tax” which would create a National Sales Tax administered by the states.
“They want to raise taxes on the middle class by taxing thousands of everyday items from groceries, gasoline, clothing, and cutting taxes for the wealthiest, because they want to supplant the money lost from taxes on the millionaires and billionaires with a sales tax on virtually everything in the country,” he said.
The Rev. Al Sharpton gestures to the podium after introducing President Joe Biden to speak at the National Action Network’s Martin Luther King, Jr., Day breakfast, Monday, Jan. 16, 2023, in Washington. (AP Photo/Susan Walsh)
The Fair Tax Act was introduced by Rep. Buddy Carter (R-GA) who pitched it as a way to ease the tax burden on Americans.
“Instead of adding 87,000 new agents to weaponize the IRS against small business owners and middle America, this bill will eliminate the need for the department entirely by simplifying the tax code with provisions that work for the American people and encourage growth and innovation,” Carter said in a statement.
Even if the bill passed the House, it would not pass in the Democrat-led Senate.
Biden argued that the IRS needed the additional agents to help hold millionaires and billionaires accountable.
“You know, all these new IRS agents we have is because they fired a lot of them, and a lot are retiring,” he said.
He vowed to veto any of the Republican proposals to cut funding to the IRS or end the IRS.
“Let me be clear: If any of these bills happen to reach my desk, I will veto them,” he said. “Any of them.”