Pelosi claims Biden tax hikes are necessary because of impact from GOP policies

President Joe Biden unveiled his costly American Families Plan during a speech on Wednesday, signaling that various proposed tax hikes — ostensibly targeted at wealthy individuals and corporations — would be needed to pay for his proposals.

Prior to the speech, House Speaker Nancy Pelosi (D-CA) defended the call for tax increases as a justified move, blaming Republicans for increasing the national debt and deficit while they were in control of the federal government, according to the Daily Caller.

“Meeting the needs of people”

In an interview with MSNBC host Andrea Mitchell, Pelosi said the president’s decision “is exactly just to reverse some of what the Republicans did in their tax scam where they added almost $2 trillion to the national debt if you include the cost and the interest on the debt to give tax breaks to the top, top, top wealthiest people in our country.”

Accusing the GOP of having no qualms about spending “$1.9 trillion to give 83% of the benefits to the top 1%,” the speaker said former President Donald Trump’s 2017 tax cuts require a serious response by the Biden administration.

“What the president is doing is rewarding work, meeting the needs of people using some of that same money that they rewarded the rich with before,” she claimed, as the Daily Caller reported.

Pelosi went on to declare that her party does not “have any resentment against anybody for their success,” but believes “we must meet the needs of the American people,” calling the national budget “a statement of our values.”

As for the American Families Plan, its current estimated cost is at least $1.8 trillion and it comes on the heels of his proposed $2.25 trillion American Jobs Plan. Both of those proposals were introduced after Congress approved a $1.9 trillion American Rescue Plan sold as a COVID-19 relief bill.

“Not looking to punish anybody”

During his address of a joint session of Congress on Wednesday, the president discussed details of the plan as well as how he intended to pay for it, claiming he would not increase the deficit or raise taxes on Americans earning less than $400,000 per year.

Tax hikes would primarily be aimed at large corporations and the wealthiest Americans, he said, largely by way of increased rates, the elimination of certain exemptions, and stricter enforcement by the IRS.

While such rhetoric might sound appealing to ordinary Americans, personal finance group Kiplinger revealed a few ways those increased taxes could directly impact individuals, families, and small businesses.

If the proposed tax increases are approved, changes would impact the top marginal income tax rate, treat capital gains and carried interest as regular income, alter the inheritance or “death” tax, and eliminate the “like-kind” tax exemption for real estate transactions. The Tax Foundation determined that among the most onerous changes would be the changes to the death tax, arguing that inherited assets and estates would now essentially face double, if not triple, taxation for a combined total of 61%

Even though Biden declared in his speech that he is “not looking to punish anybody,” many experts seem to agree that this is precisely what his proposed tax hikes would do.

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17 Responses

      1. Agree. she is also the biggest agitator in Congress. She would blame her own Mother if she could. What a disgraceful liar and pitiful leadership. It is time this old hag is gone.

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  2. She can BS a few people with that total crap but not most. I hope she counts herself and her husband in that group by making a windfall on Microsoft stock and then rewarding contracts to raise the market value. She is a part of the swamp that regular working people HATE; our founding fathers did not want politicians like this!!!!!

    1. If she was my Mother I would have her committed to a mental Institution. Sorry Mom. Doesn’t she knows who controls the budget. Duh!

  3. Pelosi is responsible for all pork in every bull that was added to Covid package yet trying to blame it on republicans BS

  4. Interesting… “President Joe Biden said those earning more than $400,000 a year” would be taxed at a higher rate. What that really means is that MOST politicians will never see the increase because they make less than that. How about we do away with the maximum Social Security taxation? Then they can borrow money from that, as long as they eventually pay it back. $400,000 per year is a lot of money, believe it or not!

  5. Nancy Pelosi proved to be the widest foxy lady, just easily manipulating political climate. And nobody could fire her, persecute or incriminate. Donald Trump under constant pressure felt as well hopeless, since corrupted judges abandoned him joining club of bribed High Tech, Media, public platforms. It is how we are experienced breakdown and weakness of our Government. And consequences if it cause us many sacrifices, discriminatory cutting out FREEDOMS.
    I call for THE PUBLIC TRIBUNE of the Citizens to get closer look over appointed officials with the ultimate power of removing them off their position while guilty if corruption. This could break chain of bribes, nepotism, favoritism, let us cut demonic indoctrinations and decays.
    Do far the best is to pray FG or WISDOM and Divine delivery from devious oppresdion. Such dusgraced people took supremacy, calling evil as good, and rejecting true wisdoms based on the fear of The LORD.

  6. We must get those Democrats out of office by all legal means, including treason. They are declaring war against the American citizen.

  7. Anytime Nancy Pelosi says for the people or for the children it’s not and she’s telling more lies no one believes you Nancy you’re evil a mean spirited shame on you

  8. This is the sort of thing when they turn away from their oath of office to do another agenda that isn’t the American Constitution. $$$$$$$$$

  9. Anthony Manzo
    Hey Nancy, what ROCK have you been hiding under the LAST FOUR YEARS !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

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