Jen Psaki Says Biden Is “Open” To Go To The Capitol Today As Negotiators On His Infrastructure Plan “Make Progress” And Says The President Is FOR One Last Desperate Billionaires Tax Minutes Before It Is “Scrapped”
- Psaki answered repeated questions about the billionaire’s tax
- It is intended to achieve annual equity gains by investors or company founders
- She took on critics who said the tax may not be constitutional
- ‘We will not support anything that we think is not legal’
- Biden is allowed to go to the Capitol
- But he plans to fly to Rome on Thursday for summits and a meeting with the Pope
- Negotiators have yet to block support from Joe Manchin or Kyrsten Sinema
President Joe Biden supports a Democratic Senate plan to tax billionaires, White House press secretary Jen Psaki said Wednesday — though she didn’t say whether the key revenue booster would even be in a final appeasement bill.
Psaki made the decision shortly before a report that House Ways and Means Chairman Rep. Richard Neal said negotiators had dropped the idea. Senate Finance Committee chairman Ron Wyden agreed with his own opinion: “Last I looked, the United States Senate also has something to say. We will continue to work with members,” he said, Business Insider reported.
She also vouched for the legality of the government’s proposal to seize the vast fortunes amassed by some 700 people — whose wealth is in huge equity holdings that they have sometimes held for decades.
President Joe Biden supports a Democratic Senate plan to tax billionaires, White House press secretary Jen Psaki said Wednesday — though it was unclear whether it’s part of a Build Back Better package under negotiation
“We’re not going to support anything that we don’t think is legal. But I’ll tell you that the president supports the billionaire’s tax. He looks forward to working with Congress and Wyden to ensure that the highest-income Americans pay their fair share,” she said.
Psaki talked about the proposal after a group of senators agreed — with even cryptic Senator Kyrsten Sinema (D-Ariz.) announcing her approval.
Negotiators desperate for revenue to put together Biden’s “Build Back Better” plan turned to the billionaire’s tax after Sinema weighed in on other more traditional tax increases: raising the top corporate rate, raising the highest rate of income tax and other measures.
“The president remains open to go to the hill. We haven’t made a decision to do that yet and we’re making hour by hour decisions about what would be most constructive to move things forward,” she said.
Biden met with Sinema and Senator Joe Manchin in the Oval Office on Tuesday, Psaki said.
Negotiators must find sources of income after Senator Kyrsten Sinema (D-AZ) reportedly spoke out against tariff increases from companies and individuals
sen. Kyrsten Sinema, D-Ariz., left, and Sen. Joe Manchin, DW.Va., steps into an elevator when leaving a meeting, Wednesday, October 27, 2021, on Capitol Hill in Washington
President Joe Biden goes to Rome on Thursday
She said the negotiators “continue to make progress in finalizing details” — with top executives in the Capitol on Wednesday.
Her comments came as New York senator-majority leader Charles Schumer said a deal was “within reach” — but Manchin spoke out critically of the billionaire’s tax, calling for a “patriotic” tax of 15 percent instead.
Psaki did not say for sure which revenue boosters would be in the bill. The billionaire tax, intended to get assets held by billionaire investors who don’t have much ordinary income or sell a lot of stock that are taxed, could bring in about $250 billion in a decade.
It has the support of Wyden, the chairman of the Senate Finance Committee.
She said the package would be a “historic investment” — although negotiators are reportedly looking at $1.5 to $1.75 trillion, less than a $3.5 trillion proposal in the budget resolution.
Psaki described the negotiations as about “nitty gritty details.”
“But it’s only 1:30 PM, we still have some time,” she said Wednesday afternoon. The idea has been criticized by billionaire Elon Musk.
“I expect new unrealized capital gains taxes to slowly make their way into middle-class investments in the coming years. It will start with billionaires, then eventually millionaires, then the modest investment may be hit within a decade,” he wrote Monday.
Biden will fly to Rome on Thursday morning.