Biden adviser Cedric Richmond says tax hike will pay off for reconciliation package
Cedric Richmond, a senior adviser to President Biden, insisted on Sunday that the Democrats’ $3.5 trillion budget should be reconciled. bill The tax hike on the rich would cost “zero,” but there’s a regret that critics of the bill are getting too hung up on the price tag.
During an appearance on “Granthshala News Sunday,” Richmond, who serves as director of the White House Office of Public Engagement, said Biden intends to hold talks with moderate Democrats such as Sen. Joe Manchin of West Virginia. , so as to reduce the price of a $3.5 trillion reconciliation. Bill that progressives are trying to link to the $1 trillion bipartisan infrastructure bill. Richmond was shocked by Granthshala News host Chris Wallace’s controversial claim that the reconciliation bill would cost nothing.
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“At the end of the day, Chris, I think it’s important for people to understand that the cost of this piece of legislation is zero,” he said. “We’re going to pay for this by raising taxes on the very wealthy and the big corporations.”
“I put you there, it’s worth nothing,” Wallace said. “Now, you can pay for it by either borrowing it or you can pay for it by raising taxes on corporations or the wealthy, but the cost is not zero.”
Richmond continued, “At the end of the day it will cost zero because we’re going to pay for it. Now, if you go back and look at the Trump tax cuts that weren’t paid, they cost billions.” And there were billions, but we’re going to pay for everything spent here.”
Wallace pushed back, arguing that “the fact that you’re raising people’s taxes is a cost. … If it’s planned to spend $2 trillion, net-net costs $2.” trillion.”
“Well, I’m not really sure about that, Chris,” Richmond replied. “And so we’ll make sure that’s how we shape it, it includes all Democrats. But everybody’s worried about the top numbers. … It’s not really about politics or process, it’s about purpose and It’s about serving and serving the needs of the American people.”
moderate democrat were angry On Friday, after House Speaker Nancy Pelosi, D-Calif., refused to bring the bipartisan infrastructure bill to a vote, hoping to buy more time for talks with progressive Democrats, who voted against the bill. Swear if it doesn’t go ahead. $3.5 trillion reconciliation bill.