Reporters with access to a recent meeting where House Leader Nancy Pelosi (D-CA) was present reported that the Democrat proposed raising corporate taxes and capital gains taxes.
Politico’s congressional reporter, Sarah Ferris, reported that if this new tax package is approved, the money raised will pay for the Joe Biden-Kamala Harris infrastructure package. The congresswoman’s intention is for the bill to be bipartisan.
While Pelosi is proposing the creation of these two taxes, her Democratic colleagues are proposing the addition of others. One of them is that of Senator Elizabeth Warren (D-MA), who proposed taxing wealth. The wealth tax is also supported by other progressives. Still, these bills remain in talks, according to Pelosi.
On the issue, White House press secretary Jen Psaki said there is no proposed package or plan to raise taxes the way congressional Democrats want to do.
Financing the ‘green’ infrastructure bill: more taxes, poorer Americans
The expensive Biden-Harris infrastructure plan aims to “build a more resilient and sustainable economy, one that will put the U.S. on an irreversible path to achieve net zero emissions, economy-wide, no later than 2050.”
Biden and Harris aim to achieve “a national effort aimed at creating jobs by building modern, sustainable infrastructure,” relying on “clean and equitable” energy. Given this, the only way the Biden administration has found to finance the project is to raise taxes. Recently, Treasury Secretary Janet Yellen supported raising the corporate tax rate.
Yellen told Congress that Biden’s views on reversing part of former President Donald Trump’s tax cut are strong. She added that the administration will work so that “the competitiveness of American corporations is assured with a higher corporate tax.”