New York Daily News
Big biz, rich to pay for Joe plans: Yellen
The Biden administration’s $6 trillion in spending plans can be paid for by raising taxes on corporate fat cats and rich folks, not ordinary Americans, top officials said on Sunday.
Hiking capital-gains and dividend taxes on Americans making more than $1 million a year, along with closing tax loopholes and boosting the corporate tax rate, can cover increased spending on infrastructure, education and medical leave, Treasury Secretary Janet Yellen said on NBC’s “Meet the Press.”
“No family earning under $400,000 will pay a penny more in taxes,”
“We’ve been assiduous in sticking to that pledge.”
To pay for its proposals, which include universal pre-K, tuition-free community college and expanded family and medical leave, the administration wants to raise the corporate tax rate above its current 21% level, but below its former 35%, she said.
The nation needs to “invest in infrastructure, in R&D and the things that shore up middle-class prosperity: education, child care and health care,” she said.
Putting out the same message on CBS News’ “Face the Nation,” White House chief of staff Ron Klain said the corporate tax rate could be pushed up to 28%, halfway back to where it was before the 2017 cut.
“We think we can raise those taxes on corporations and fund the things that make the economy grow. Bridges, roads, airports, rail. That’s what creates jobs,” he said.
“The middle class are not going to see their taxes go up.”
Weighing in from the other side of the political aisle, Republican Sen. Rob Portman of Ohio said Yellen’s proposal for higher taxes would not benefit workers or make the U.S. economy more competitive.
“It does just the opposite. I respect her, but she’s just wrong on that,” he said, also on “Meet the Press.”
“In fact, by raising the corporate taxes the way she wants to, you’re going to hurt workers,” Portman said.