But at about the same time, Biden posted a tweet against so-called “trickle-down” economics, the theory that tax cuts for the wealthy ultimately benefit the nation as a whole.
Kwasi Kwarteng will submit a mini-budget on Friday, canceling a national insurance premium hike and scrapping plans to raise corporate taxes. He also hopes to remove caps on bankers’ bonuses to make the UK more attractive to talent worldwide.
I’m tired of trickle-down economics. it never worked.
We are building our economy from the bottom up and middle out.
— President Biden (@POTUS) September 20, 2022
Asked by the BBC if she is happy to see “the rich getting richer”, Liz Truss said: Our country, yes, I am ready to make those decisions.
“Because what I care about is that our country succeeds, and that every person in our country, wherever they live or where they come from, has those opportunities. because we are interested in having
The prime minister also said he would be happy to do “unpopular things”, adding:
You May Like Alxo: Prince Andrew Pays Tribute to ‘Mummy, Mother, Her Majesty’ Queen Elizabeth II
“We have to review the tax rate, so the corporate tax has to be competitive with other countries and attract investment, but ultimately it is about why I am doing it and what the Prime Minister is doing. The reason we’re doing it is because we want people across this country to have those opportunities.
Truss and Biden are already at odds over the Northern Ireland protocol, and the US government has warned that a trade deal with Britain depends on the Good Friday deal being protected.
The prime minister has been forced to admit that a trade deal is years away, even though the government had previously claimed a deal was on the verge of being struck.