Senator Elizabeth Warren (D-MA) said Friday that President Joe Biden’s plan to raise taxes for the rich has not gone far enough and avoided giving him a performance grade for his first 100+ days in office give.
On PBS NewsHour, Warren praised Biden for helping the Democrats pass “the most advanced bailout in American history,” but added that he had failed to address the problem of tax hikes for the rich.
“He’s back on the right track because he’s talking about taxing the rich. He’s got a bit to do with the rich,” Warren said Friday, adding that his plan is “not yet” where it should be .
Last month, Biden proposed nearly doubling the current capital gains tax rate from 20 percent to 39.6 percent for those who earn more than $ 1 million. In combination with an existing additional tax on investment income, the new tax rate could be up to 43.4 percent. This makes it the highest tax rate on investment income since the 1920s.
According to the White House, the plan will “not only undo the biggest tax giveaways for 2017, but also reform tax law so that the rich will have to play by the same rules as everyone else.”
“The plan will also remove long-standing gaps, including lower taxes on capital gains and dividends for the rich who reward wealth over work. Importantly, these reforms also limit the way tax laws increase racial disparities in income and wealth “Added the White House.
The tax revenue would help fund Biden’s American Families Plan, which would expand employee training and childcare support, and help establish a tuition-free community college.
But Warren, one of the loudest progressive voices in the Democratic Party, told PBS Friday that a higher alternative tax plan with a corporate tax increase approach would be more beneficial to the economy.
“If we introduce a wealth tax, a 2-cent tax on assets over $ 50 million, a little more for billionaires, and a 7 percent tax on real corporate profits, flat and flat for those companies that make more.” than $ 100 million – that catches companies like Amazon and FedEx, Nike that make millions in profits and don’t pay taxes, “she said.
“And if we step up tax enforcement, these three changes, we would bring in $ 6 trillion over the next 10 years. That would be enough to cover all of President Biden’s infrastructure plans, all of President Biden’s plans to care for his family pay.” I have a few trillion dollars left, “she added.
Senator Elizabeth Warren (D-MA) said Friday that Biden’s proposal to raise taxes for the rich “doesn’t go far enough”. Here Warren holds a press conference to announce laws to tax the assets of America’s richest people on March 1, 2021 at the U.S. Capitol in Washington, DC.
Chip Somodevilla / Getty Images
Warren continued to commend Biden for working with Democrats and finding a bipartisan approach to adopting the American Rescue Plan, a coronavirus stimulus package that gave millions of eligible Americans $ 1,400 in direct payments in March.
“I really want to praise this. It helped us pass the most ambitious and progressive rescue package in American history,” said Warren on Friday.
“He invited the Republicans to negotiate. When they said no, they didn’t want any part of it, he spoke to the American people and he saw support from Democrats, Republicans and Independents. He said it was non-partisan. And all Democrats in the Senates linked the guns and we passed them on. We made it. This is significant, “she added.
However, when the Massachusetts Senator was asked to give the president a “grade” for his first 108 days in office, he declined.
“Well, you know, Judy, professors don’t graduate until the end of the semester,” Warren told Judy Woodruff, host of PBS NewsHour.
Newsweek contacted the White House for additional comment but didn’t hear back in time for the release.