President Joe Biden made fun of the GOP on Monday for proposing legislation that would abolish the Internal Revenue Service (IRS) and income taxes.
“They’re fiscally demented, I think,” the president said, talking about Republicans.
During a breakfast speech honoring Martin Luther King Jr., organized by Al Sharpton’s National Action Network, Biden discussed Republican economic ideas.
Biden expressed reservations about the Republican plan, which would abolish the IRS and income taxes in favor of a “Fair Tax,” establishing a National Sales Tax managed 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,” the president said.
Rep. Buddy Carter (R-GA) presented the Fair Tax Act as a way to reduce 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,” the representative said in a statement.
Despite hypothetically passing the House, the bill would unlikely get past the Democrat-led Senate.
Biden said that the IRS needs more agents to help keep 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,” the president stated.
He promised to veto any Republican plan to reduce or eliminate IRS funding.
“Let me be clear: If any of these bills happen to reach my desk, I will veto them,” the president said. “Any of them.”