Treasury Secretary Janet Yellen signaled this week that the Biden administration could be open to a so-called ‘Wealth Tax’ on the nation’s top earners; imposing a 2% penalty for US households with assets exceeding $50 million each year.
“That’s something that we haven’t decided yet and can look at,” said Yellen.
Senator Elizabeth Warren’s proposal would impact about 100,000 families in the USA and could generate between two and four trillion dollars over the next decade.
Somebody has to pay to make this country run. Somebody has to pay for roads and bridges and scientific research. But the top 0.1% pay a lower share of their wealth in taxes than the bottom 99%. We need a #WealthTax to keep the rich from freeloading off America’s middle class.
— Elizabeth Warren (@ewarren) March 13, 2021
“The Biden administration is actively exploring other ways to offset the costs of the $1.9 trillion American Rescue Plan and the next economic spending bill. The next initiative — which could cost as much as $4 trillion — won’t rely on just government debt as a funding source and could include an increase in both the corporate tax rate and the individual rate for high-income earners,” reports Fox News.
Read the full report here.
BIDEN in NEW HAMPSHIRE: ‘What You Do Here in Iowa is Going to Set the Tone’
Former Vice President Joe Biden left audience members scratching their heads in New Hampshire over the weekend; confusing the northeast state for Iowa -approximately 1,000 miles away.
“The primary race for the United States presidency… You have an incredible obligation, not to me at all, but to yourselves. What you do here in Iowa […] is going to set the tone,” said Biden before correcting himself.
“New Hampshire, the primary in New Hampshire,” he added.
Joe Biden says he is in Iowa when he is actually in New Hampshire.
Iowa and New Hampshire are 1,000+ miles away from each other.pic.twitter.com/Fh3Nl02fde
— Tommy Pigott (@TCPigott) December 8, 2019
Biden made a similar mistake earlier this year; confusing New Hampshire for the neighboring state of Vermont.
“I’ve been here a number of times…I love this place. Look, what’s not to like about Vermont in terms of the beauty of it?” Biden told reporters.
Biden, who is in New Hampshire, thinks he is in Vermont
At some point, the media is going to have to stop calling this "gaffes" https://t.co/Dhno1WN2rU
— Ryan Saavedra (@RealSaavedra) August 24, 2019
BIDEN in PENN: ‘Rapid Results Testing Contract, Contract Contact Tracing, Widely Available Personnel!’
Former Vice President Joe Biden continued his gaffe-filled campaign at a speaking event in Pennsylvania Wednesday; bizarrely stating the country needs “contract tracing capacity widely available personnel.”
“Here comes the rapid results testing Contract Contract Contact Tracing Capacity, widely available personnel protective equipment,” said Biden.
Must have been a typo on the teleprompter. pic.twitter.com/45snKpw8RM
— Benny (@bennyjohnson) June 17, 2020
Watch Biden’s comments above.