In part two of my exclusive interview, I asked the Vice President whether we can afford these tax cuts, given the country’s massive federal deficits. Biden’s view is that we can’t afford not to do them: “We can’t afford to leave the middle class behind,” he says. “These things matter to people who are struggling and they matter to people who have lost their jobs as well.”
There’s also the issue of whether these tax cuts, in conjunction with the health care reform bill signed last week, represent a redistribution of wealth in America, as many claim.
“It’s a simple proposition to us: Everyone is entitled to adequate medical health care,” Biden says. “If you call that a ‘redistribution of income’ — well, so be it. I don’t call it that. I call it just being fair — giving the middle class taxpayers an even break that the wealthy have been getting.”
The top quintile of Americans earned 55.7% of pretax income and paid 69.3% of federal taxes in 2006, according to the most recent CBO data. But the Vice President isn’t buying the idea that the wealthiest are already paying their fair share, noting the top 1% of earners get 22% of all income made in the U.S.
“Taxes have been lowered for the wealthy considerably over the years,” he says. “It’s about time we get a little tax equity here.”
Read the entire Article and Watch the Video Here: Joe Biden On Taxes: You Call It “Redistribution Of Wealth,” I Call It “Just Being Fair”.