President Joe Biden says revenue, not just spending, is on the table in debt ceiling negotiations.
Biden told reporters in Japan that he has agreed to spending cuts, but the other side of the ledger has equal weight."If you all were doing your budget at home and you said, 'Okay, we have to make some cuts,' would you only look at the spending? Or would you also look at your income?'" Biden said during a press conference in Hiroshima."Part of what I've been arguing from the beginning is the need to consider the tax structure as well as cutting spending.
"There's a lot of things that they refuse to look at in terms of tax generation, as well as what kinds of people we're going to increase taxes for," he said."We went from having roughly 740 billionaires to 1,000 billionaires in America. They're paying an average tax rate of 8%." He called for having the billionaires pay closer to 15% in taxes, along with increasing the number of IRS personnel to generate up to an additional $400 billion in tax revenue."It's not a revenue problem. It's a spending problem," House Speaker Kevin McCarthy said last week.CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER
"There’s a lot of things that they refuse to entertain," Biden said."And they just said revenue is off the table. Well, revenue’s not off the table. And so that’s what we continue to have significant disagreement on, the revenue side." Biden is wrapping up his trip to Japan for Group of Seven meetings and said he would talk to McCarthy during the plane ride back to Washington.
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