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.
This is our moment to rebuild an economy from “the bottom up & the middle out” – not a trickle-down economy that does not work. The historic investment proposals in the FY22 #BidenBudget will create a stronger future for all American families.
— House Budget Committee (@HouseBudgetDems) June 9, 2021
The proposed budget, which was announced by Biden in May, includes safety net programs for the poor and middle class as well as tax hikes for businesses and high-paying Americans. 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.