Biden's new tax is 'very much a tax on wealth': Bernstein
Council of Economic Advisers member Jared Bernstein explains the economics of President Biden's new wealth tax on 'Special Report.'
Economist Jared Bernstein discussed how President Biden's wealth tax will affect America's wealthiest Tuesday on "Special Report."
JARED BERNSTEIN: This is a budget that incorporates and elevates three of the president's top values. And really, when you get away from the thousands of pages and hundreds of numbers and tables, the values here are our fiscal responsibility, which in this case means serious deficit reduction. It means safety and security both here at home and abroad. I heard you talking about the defense number and it means investing in American families, and this budget does that. And one of the ways it accomplishes that is by raising revenues in the most on some of the highest income, highest net worth individuals who are, as you just played the president saying, paying an average tax rate of 8 percent. Billionaires paying 8 percent. That's a problem for this president, and I think a problem for most Americans.
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