President Joe Biden Says He Will “Veto” House Republican Bill to Abolish the IRS

Joshua Ramos
Source: The Economic Times

In a speech given to address the U.S. inflation numbers revealed today, President Joe Biden says he will “veto” a recently proposed House Republican bill to abolish the IRS and eliminate income tax. The President was evident in his stance regarding the legislation reported earlier today.

Biden did speak on today’s lowering inflation statistics, as well as highlighted some of the positive developments of his economic plan. Yet, he made clear his feelings on the recent laws being proposed by Republicans in the House.

Biden Makes Clear his Stance on Republican Bill

In a recent address to the American people, President Joe Biden approached today’s inflation numbers in what was a celebratory manner. He highlighted the data revealed this morning, stating that US inflation was lowering for the sixth-consecutive month. Moreover, it had lowered from 7.1% in November to 6.5% in December.

Speaking on the success of his administration’s economic plan, the president wasn’t shy in speaking on the economy he inherited. He noted it to be “flat on its back,” when he first took office. Alongside this statement was the assurance that recent legislation devised by House Republicans would not be considered by him.


Republicans in the House announced earlier this week the development of landmark legislation that would abolish the IRS and eliminate income tax. Conversely, Biden interpreted the purpose of the law as implementing a sales tax that would aim the burden of taxation primarily on America’s middle class.

Subsequently, Biden assured the House of his position. Clearly stating, “If any of these bills make it to my desk I will veto them,” in response to House Republicans’ legislation.

Conclusively, Biden stated that he had, “never been more optimistic about America’s future,” than he was today. Time will tell how the market responds to the developments of both inflation data and the president’s statements.