Democrats are elated with the recognition of their $1.9 trillion spending invoice, which they handed beneath the political cowl of the Covid emergency. Handing out cash is at all times standard, particularly when there look like no prices.
Benefit from the second as a result of the prices will quickly arrive within the type of tax will increase. Treasury Secretary Janet Yellen put that looming prospect on the desk on Sunday on ABC’s “This Week.” Right here’s the alternate with George Stephanopoulos:
“What do you consider Senator [Elizabeth] Warren’s name for a wealth tax?”
Ms. Yellen: “Properly, President Biden has put ahead various proposals. He hasn’t proposed a wealth tax, however he has proposed that companies and rich people ought to pay extra with a view to meet the wants of the economic system, the spending we have to do, and over time I anticipate that we’ll be placing forth proposals to get deficits beneath management.”
Mr. Stephanopoulos: “However no wealth tax?”