Elizabeth Warren, Pramila Jayapal Say Why Biden's Proposed Capital Gains Tax is Beneficial

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Democratic Massachusetts Senator Elizabeth Warren and other members of the Congressional Progressive Caucus have recently posted tweets voicing the importance of President Joe Biden‘s capital gains tax proposal.

© Chip Somodevilla/Getty Democratic Massachusetts Senator Elizabeth Warren and other members of the Congressional Progressive Caucus have recently posted tweets that illustrate the importance of Democratic President Joe Biden’s capital gains tax proposal. In this photo, Warren delivers remarks on the first day of the Democratic National Convention at the Wells Fargo Center, July 25, 2016 in Philadelphia, Pennsylvania.

Biden’s plan would raise the current capital gains tax rate of 20 percent and nearly double it to 39.6 percent for Americans earning over $1 million a year. The tax revenue would help fund Biden’s American Families Plan, which would expand new skills training for workers, child-care subsidies and help establish tuition-free community college for all.

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While Biden is expected to release the proposal formally next year, recent tweets by progressive Democrats have voiced support for taxing the wealthy and aiding childcare as well as higher education.

Massachusetts Senator Elizabeth Warren wrote, “This billionaire is mad enough about paying a little more in taxes to whine on TV—but apparently can’t talk about it face to face. Don’t worry, Leon, we’ll get on just fine without you, and it’s just a few cents—no need for any more tears.”

In a tweet citing a New York Times story about the capital gains tax, New York Representative Ritchie Torres posted, “‘Democrats on Capitol Hill have urged Mr. Biden to instead make permanent that credit.'”

Washington Representative Pramila Jayapal wrote, “We should be investing in people’s higher education—not locking them into massive amounts of debt that they’ll never be able to escape. College for All guarantees that anyone who wants a college education can get one—without the debt.”

Michigan Representative Dan Kildee wrote, “Congress must do more to support families who are still struggling to balance work & child care during this pandemic.”

New Jersey Representative Donald Norcross wrote, “Child care is critical to children, families & our economy.”

Texas Representative Lloyd Doggett wrote, “large corporations have too long exploited offshore tax havens to dodge paying their fair share.”

Despite Thursday’s reports of Biden’s proposed tax increase on wealthy Americans, most members of the Democratic progressive caucus spent the day tweeting about the need for climate change reform for Earth Day, the successful House vote in favor of statehood for Washington D.C. and a morning press conference to get rid of the Senate filibuster.

The tax increase would fulfill Biden’s campaign promise to roll back his predecessor’s tax policies favoring the wealthy.

“Let’s raise the capital gains tax for people making over a million bucks a year of ordinary income; let’s reverse Trump’s tax cut,” Biden said on May 22, 2020. “Imagine if we had that $2 trillion now as we go into, God willing, a recovery.”

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