ROUNDUP: EXPERTS PRAISE PRESIDENT BIDEN’S FY 2023 BUDGET PROPOSAL
Experts and organizations applauded President Biden’s FY 2023 budget proposal released yesterday, which includes smart, targeted investments that will cut costs for working families and reforms to ensure that billionaires and corporations pay their fair share in taxes.
What They’re Saying…
Center for American Progress: “The president’s budget shows boldness and vision in tackling economic inequality. His proposal for a billionaire minimum tax would end the untenable status quo where many billionaires are getting away with paying lower taxes than middle-class families. It takes on the most glaring and unfair way the tax code favors the ultrawealthy, and it makes them pay more of their fair share—restoring fairness to the tax code and raising revenue to make progress on some of the country’s biggest challenges.
“Building on a foundation of strong economic and job growth, the president’s budget makes significant investments in creating additional jobs, clean energy, lowering the costs of child care and health care, and defending democracy both at home and abroad at this precarious moment.”
Center on Budget and Policy Priorities: “The U.S. has long underinvested in our families and children; the President’s call to reverse that trend is both good economics and consistent with our nation’s values. The policies presented in the budget would help households with the costs that stretch their budgets and would provide more children with the support and education they need to thrive. It would pay for these policies and reduce the deficit by requiring well-off households and profitable corporations to pay a fairer amount of taxes, putting forward creative solutions to the long-standing problem that many of the wealthiest households who have gained the most from the nation’s economy pay very little taxes, and sometimes none at all.”
Felicia Wong, president and CEO of the Roosevelt Institute: “The proposed Billionaire Minimum Income Tax is a strong step in the right direction toward curbing corporate power and increasing public power. While this isn’t a wealth tax, it is a wealthy people’s income tax, and that is a good thing for our economy. The fact that this tax is part of the FY 2023 budget is an excellent sign that the administration is prioritizing forward-looking investments in workers, businesses, and our economy as a whole.”
Small Business for America’s Future: “We are excited to see President Joe Biden propose increasing the corporate tax rate and enacting a Billionaire Minimum Income Tax, which would finally ensure our country’s large corporations and wealthiest citizens pay their fair share in taxes to help fund a federal budget that would rein in childcare costs and reduce the deficit, among other programs that help strengthen our economy and small business … Main Street entrepreneurs have long supported proposals to ensure corporations and wealthy individuals like Elon Musk and Jeff Bezos pay their fair share in taxes, and have said doing so does not harm small business.”
Janet Yellen, Secretary of the Treasury: “President Biden’s Fiscal Year 2023 Budget aspires to improve the livelihoods of working families and keep our economy globally competitive and includes investments that will help achieve both those goals. Last year, we experienced a rapid recovery with historic job creation and economic growth. This economic rebound allows us to look beyond the pandemic-induced crisis and provide a roadmap to address future challenges: creating a tax system that is fair to working families, expanding access to capital in disadvantaged communities, and safeguarding the financial system.”