Joe Biden budget chief: tax increase necessary to pay for $6T spending plan

OAN Newsroom
UPDATED 2:12 PM PT – Wednesday, June 9, 2021

White House Budget Chief Shalanda Young has announced increasing taxes across the board would be necessary to finance the $6 trillion spending plan for next year.

“The reason to do this, to be fiscally sound, to make sure every dollar we spend in the President’s proposal are offset,” she claimed. “We can do that without taxing people who make less than 400 thousand dollars.”

During a House Budget Committee testimony on Wednesday, Young also admitted Joe Biden’s massive spending plan will likely falter in the Senate due to concerns that higher taxes would stifle economic growth.

“By pairing the American Family and American Jobs Plans with reforms to ensure that big corporations and the wealthiest Americans to pay their fair share, we can make these powerful, pro-growth investments and set our nation on a fiscally responsible path forward.”

— House Budget Committee (@HouseBudgetDems) June 9, 2021

However, Young went on to say Biden’s main priority is to advance equality through higher spending and taxation.

“We think that’s responsible to ensure that the middle class and those trying to enter it are not impacted,” the budget chief explained. “…It’s the right thing to do to ensure that the wealthiest Americans are contributing their fair share and pay what average Americans pay as percentage of what they bring in.”

Young also admitted a possible increase in the federal reserve’s interest rates will make the rising U.S. national debt more costly to U.S. taxpayers. However, she claims the push for so-called equity is worth these risks.

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