White Press Secretary Jen Psaki insists that President Joe Bidenâs $3.5 trillion spending bill will not cost Americans earning less than $400,000 a year a âdollar.â
During a press briefing on Monday, Fox Newsâ Peter Doocy asked, âAre you now admitting that the plan does not cost zero, or is it less than zero?â
She responded, âWell, letâs not dumb this down for the American public here. What weâre talking about is how much the top line investments are, which are all paid for, so therefore it costs zero. No matter what the cost or size of the topline investments are, we have ways to pay for it.â
âSo the point is thatâs important to the American public, all of your viewers too, is that this is not going to cost the American public a dollar. Weâre going to pay for this by asking corporations, the highest income â so people under $400,000 I should say â corporations, highest income to cover the cost of these necessary investments,â she added.
Doocy asked, âSo just not to dumb it down then, does the plan cost nothing or is the plan free?â
âThe plan costs nothing for the American people who make less than $400,000,â Psaki said.
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Biden insisted that his plan âcosts zero dollarsâ and will not add to the national debt, a claim The Washington Postâs fact-checker has labeled âmisleading.â
On Tuesday, Psaki admitted that for wealthier Americans and corporations, the spending plan âwill cost them more.â
However, a study from the Joint Committee on Taxation â a non-partisan congressional tax scorekeeper â found that the cost of corporate tax increase would be passed on to lower and middle-class consumers, âWithin 10 years of a corporate tax increase from 21 percent to 25 percent, 66.3 percent of the corporate tax burden would be borne by lower- and middle-income taxpayers with income well below $500,000.â
âThis statistic becomes only more striking in absolute number of taxpayers. Of the more than 172 million taxpayers who would bear the burden of the increased corporate tax rate, 98.4 percent, or about 169 million, have incomes under $500,000,â the study added.
Additionally, it found that in 2023 âtaxpayers of every income level will see meaningful tax increase.â
