U.S. House of Representatives Committee on Ways and Means

06/17/2021 | Press release | Distributed by Public on 06/17/2021 16:02

BLOOPER REEL: Secretary Yellen’s Top Four Gaffes on President Biden’s Tax Hikes

BLOOPER REEL: Secretary Yellen's Top Four Gaffes on President Biden's Tax Hikes

From cherry-picking data, to misrepresenting tax reform gains - Secretary Yellen fails to make a compelling case for higher taxes

WASHINGTON, D.C. - In a hearing before the House Ways and Means Committee, Treasury Secretary Yellen made a series of gaffes on the benefits of the Tax Cuts and Jobs Act (TCJA) while attempting to persuade the American people on President Biden's job-killing tax hikes.

It's a tough sell - especially considering half of American families want to see less spending from Washington, D.C. - not more.

As top Republican Leader Rep. Kevin Brady put it:

'I believe your cherry-picked data on the Tax Cuts and Jobs Act is misleading at best, and flat wrong in many areas.'

Here are the top four gaffes from Secretary Yellen (and our friends across the aisle):

GAFFE ONE: Tax Hikes for Middle Class Americans? Yep.

Secretary Yellen failed to provide any assurance that Americans making less than $400,000 a year won't face higher taxes, saying only:

'The President hasn't taken a position on what tax policies should be at that time.'

But President Biden's budget assumes higher taxes for the middle class by letting the tax cuts expire.

The liberal Tax Policy Center found that President Biden's overall tax plan will raise taxes on three-fourths of middle-class families in 2022 - rising to 95 percent of middle-class families in later years.

READ MORE: Biden Budget Includes Tax Increase on Lower & Middle Income Families Earning Under $400,000

GAFFE TWO: Leading a Global Race to the Bottom? Definitely.

As Rep. Brady described it, the White House is 'leading a global race to the bottom' for America's competitiveness and our workers.

Secretary Yellen stood by the Biden Administration's push for a global minimum tax, saying:

'I am really pleased to see unanimity in the G7, that we should establish a global minimum tax, that it should be at least 15 percent.'

READ MORE: President Biden's Global Tax Hike is Not a Victory for America, but a Surrender

GAFFE THREE: Special Tax Carveout for the Wealthy? Maybe!

Secretary Yellen refused to provide clear assurances that President Biden would not seek to lift the SALT cap as part of Congress's ongoing infrastructure negotiations.

This opens the door for the Administration to create a tax shelter for the wealthy and would guarantee even more tax hikes and on the backs of working families.

As the Wall Street Journal wrote:

'Rep. Kevin Brady (R., Texas), the committee's top Republican, pressed Ms. Yellen on whether Mr. Biden would support the cap's elimination if lawmakers included it in a compromise infrastructure package. 'I'm not going to negotiate here on behalf of the president,' she said.'

WATCH: Democrats' Fight for Wealthy Tax Cuts is 'Incredibly Tone Deaf'

GAFFE FOUR: Ignoring the Gains from Republican Tax Reform? Always.

Secretary Yellen failed to correct the debunked claim that 83 percent of the benefits from TCJA went to the wealthy.

In fact, Republican tax reform reduced taxes across the board, raising incomes for Americans at every income level.

READ MORE: Yes, Republican Tax Reform Helped All Americans

SUBCOMMITTEE: Select Revenue Measures