On Bloomberg’s Friday broadcast of “Balance of Power,” Rep. Heather Boushey, a member of the White House Council of Economic Advisers, responded to a question about whether President Joe Biden’s push to raise corporate taxes would hurt jobs. He said: Government has the resources it needs to do what it needs to do. ” And, “Companies have a lot of resources, and we’ve also given them a lot of grants and support to invest aggressively.”
asked co-host Joe Mathews. [relevant exchange begins around 7:15] “[H]He talked about the need to increase taxes on the wealthy and corporations, especially the idea of raising the corporate tax rate. I know it’s something he’s been pushing for for a while, and we have some movement there, but I just wonder. What impact, if any, could it have on adoption? Is it something you can model?
Mr. Bushey replied: “The issue is, we need to make sure that the federal government has the resources it needs to do what it needs to do. And one of the priorities that the president is focusing on is the The goal is to ensure that the Internal Revenue Service has the resources it needs to literally enforce the law on the books, not to mention new ideas that are coming up. We’re already seeing that success because they’re the taxpayers at the top of the income ladder. So what we’ve seen in the Economic Survey, over the past few years. I think what we’ve seen in our actual experience is that companies have a lot of resources and we’ve also given companies a lot of subsidies and support to go out there and invest. So we’re seeing this investment boom at the same time that the president is focused on enforcing laws and raising taxes on wealth, not labor, as he likes to say. So if the government has the resources it needs to get the job done and businesses focus on investing in industries that are so important to American competitiveness and American jobs and workers, that economic growth will be possible. I am confident that it will continue.”
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