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.

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.

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.”

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. https://t.co/JBfthf4lFQ

— Elizabeth Warren (@ewarren) April 22, 2021

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.'”

“Democrats on Capitol Hill have urged Mr. Biden to instead make permanent that credit. Those pushing Mr. Biden include Senators Michael Bennet, Cory Booker, Sherrod Brown, along with Representatives Rosa DeLauro, Suzan DelBene, and Ritchie Torres.”https://t.co/HtzuUedQn4

— Ritchie Torres (@RitchieTorres) April 22, 2021

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.”

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. pic.twitter.com/mNWuvFTNGK

— Rep. Pramila Jayapal (@RepJayapal) April 22, 2021

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

Congress must do more to support families who are still struggling to balance work & child care during this pandemic.

This week, I joined my colleagues on the @WaysMeansCmte to hear from working class Americans on the importance of paid family & medical leave. pic.twitter.com/EcWA9Ql1GF

— Rep. Dan Kildee (@RepDanKildee) April 22, 2021

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

Child care is critical to children, families & our economy.

I’m proud to co-sponsor the Child Care for Working Families Act, a bold proposal to secure affordable child care for millions of U.S. families. pic.twitter.com/F0F7R13k5D

— Donald Norcross (@DonaldNorcross) April 22, 2021

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

As noted in @nytimes, large corporations have too long exploited offshore tax havens to dodge paying their fair share. My “No Tax Breaks for Outsourcing” Act + the Biden plan would fund the infrastructure spending + good jobs we need to Build Back Better. https://t.co/cnyART1dpt

— Lloyd Doggett (@RepLloydDoggett) April 22, 2021

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.”

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. Chip Somodevilla/Getty