Connect with us


White House looks to raise taxes on wealthy and corporations




Psaki said in a White House briefing that Biden believes “those at the top are not doing their part” and “obviously companies could be paying higher taxes.”

Treasury Secretary Janet Yellen suggested a tax hike on the horizon on Sunday when she said she expects the White House to make proposals over time to control deficits.

“(Biden) has not proposed a wealth tax, but he has proposed that companies and wealthy individuals should pay more to meet the needs of the economy, the spending we have to make and, over time, I hope we will be putting forward new proposals to control deficits, “Yellen told ABC.

Then-candidate Biden proposed raising the top tax rate from 37% to 39.6%, his pre-Trump level. According to his plan, the corporate tax rate would go from 21% to 28%. It would also set a minimum tax of 15% on books and tax increases on international profits.

Biden has pledged not to raise taxes on those earning less than $ 400,000 a year. more than 90% of taxpayers. He had also proposed changing the way 401 (k) retirement savings accounts are treated in the tax code in order to give low-income workers a greater tax disadvantage.

Psaki said Monday that Biden shares the view of Massachusetts Liberal Sen. Elizabeth Warren that “middle-class families pay more than their fair share and those at the top are not doing their part.” , when asked if Biden was considering a wealth tax.

Warren, Washington Representative Pramila Jayapal and Pennsylvania Representative Brendan Boyle announced the Ultra-Millionaire Tax Law earlier this month, which would charge an annual tax of 2% on net worth of households and trusts between $ 50 million and $ 1 billion, as well as an annual tax rate of 1% on assets over $ 1 billion dollars, for a global tax of 3% on billionaires.

Warren introduced the idea of ​​a wealth tax when he ran for president in 2020. Yellen said Sunday that a wealth tax is “something we haven’t decided yet.”

“President Biden during the campaign proposed a higher tax rate for corporations, for individuals and for payments, capital gains and dividends received, and these are alternatives they address, which are similar in the its impact on a wealth tax, “Yellen told ABC.

CNN’s Katie Lobosco contributed to this report.