(AbsoluteNews.com) – At the end of March, President Joe Biden released his infrastructure proposal which included a plan to raise taxes. The president would increase the corporate tax rate and raise taxes on individuals or households making over $400,000 per year. There’s concern that his tax hike is also going to impact utility prices, but when the White House was asked about it one official brushed it off.
On Tuesday, April 13, a reporter with the press pool asked White House Press Secretary Jen Psaki if the president is okay with utility companies raising their prices to accommodate the tax hike. The journalist explained that the companies could pass the increase onto customers which would then mean people or households who make under the income threshold for the tax hike will still see a rise in costs. Psaki said there is “no reason that needs to happen” and said it isn’t a concern of the administration.
Psaki in Deep Denial on Impact of Corporate Tax Rate on Utility Bills https://t.co/0nAFoNRz8O
— ATR (@taxreformer) April 13, 2021
It’s common for companies to pass rising costs onto their customers. Although Psaki and the White House doesn’t think it’s a concern, it’s a very big one. Families cannot afford any new costs right now in the middle of a pandemic. Frankly, the president should be doing everything in his power to make sure that never happens.
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