(Headline USA) White House economic advisor Jared Bernstein refused to say this week whether Democrats’ so-called “Inflation Reduction Act” would raise taxes on middle- and working-class Americans.
Asked during an interview with CNBC about a nonpartisan report that revealed the bill would raise taxes on those making less than $400k per year, Bernstein denied the report’s findings.
“President Biden has always maintained that no one under $400,000 will pay one penny more in taxes, so, line in the sand there,” he said.
CNBC host Brian Sullivan pointed out that small businesses will have to pay more to fend off IRS audits since the bill increases the scope and size of the IRS significantly, but Bernstein again dismissed the allegation.
“Nobody under $400,000 will pay higher taxes under the Inflation Reduction Act,” Bernstein said. “Let’s be very clear about that. And look, you talk about small businesses, the minimum corporate tax kicks in at over $1 billion in profits…averaging over the past three years.”
Sullivan interjected: “You’re conflating two issues, Jared. I’m talking about small businesses that are S corps or family, you know not hedge fund managers. I’m talking about, if you’re doubling the size of the IRS, then who are they going to go after?”
CNBC REPORTER: “Is the president guaranteeing nobody making under $400,000 will be audited.”
BIDEN ECONOMIC ADVISOR JARED BERNSTEIN: “No, no, no. no, that’s not what I said.” pic.twitter.com/NvG3Qlc5lC
— RNC Research (@RNCResearch) August 8, 2022
White House press secretary Karine Jean-Pierre made similar claims on Tuesday when asked about the bill, arguing that no one making under $400,000 per year will pay more in taxes or be audited by the IRS.
