WASHINGTON – Sen. Chuck Grassley (R-Iowa) grilled Treasury Secretary Janet Yellen at today’s Senate Finance Committee hearing on President Biden’s Fiscal Year 2025 Budget. A senior member and former chairman of the committee, Grassley expressed fierce opposition to the president’s proposals.
“Let me sum it up this way: you’re telling us much more optimistic [information] than what we hear from our own Congressional Budget Office,” Grassley said to Yellen.
Grassley highlighted President Biden’s misleading assertions that his proposed $5 trillion tax hikes, which primarily target businesses and job creators, won’t impact middle class Americans. In fact, Treasury Department data show households with incomes below $310,680 bear roughly 37 percent of current corporate taxes. Grassley also reiterated the president’s budget proposal hinges on “smoke and mirrors,” including by assuming Congress won’t reauthorize the 2017 Tax Cuts and Jobs Act next year. That would mean a $2 trillion tax increase for those earning under $400,000 per year – a direct violation of the president’s pledge.
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