On Monday’s broadcast of MSNBC’s “Hallie Jackson Reports,” Jared Bernstein, a member of the White House Council of Economic Advisers, answered a question about whether the minimum tax proposal in the president’s budget Joe Biden was a first step toward further tax hikes by saying the proposal “injects a huge dose of fairness into the tax code,” which is important to Biden, and is landmark legislation “to try to understand how we can solve this problem that billionaires tend to pay an effective tax rate of 8%.
Host Hallie Jackson asked, “Let me start with this new minimum tax for very wealthy Americans, which the White House says would apply to people I think over $100 million gross. Is this just a first step towards potentially raising taxes on a larger group of wealthy, wealthy Americans, or is that all for now? »
Bernstein replied, “Well, I think this is absolutely unique tax legislation in history, the idea of which is to do something that has really never been done in American tax policy. ie trying to figure out how we can fix this problem that billionaires tend to pay an effective tax rate of 8% I didn’t leave a number here, 8%, in less than 10%, less than a firefighter or a teacher pays, in many cases, and that’s because our tax system excludes wealth from its base and this billionaire’s minimum tax prohibits it and that it forces billionaires, the top 0.01% of the income scale, to pay, at a minimum, a 20% tax rate, not the current 8%% rate, raises 360 billion on 10 years, and injects a huge dose of fairness into the tax code, which is very important to this president.
Follow Ian Hanchett on Twitter @IanHanchett