White House Dismisses Republican Tax-Cut Plan as Handout to the Wealthy
- Brainard memo says plan gives corporations tax windfall
- Memo lays out areas where Biden does support tax cuts
Joe Biden
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The White House dismissed the tax-cut proposal offered by House Republicans as disproportionately benefiting corporations and the wealthy and likely to add billions to the deficit.
President Joe Biden’s top economic adviser, Lael Brainard, wrote to allies on Capitol Hill on Monday about the plan, signaling the White House is unwilling to entertain the GOP proposal, which would cut income and corporate taxes while rescinding incentives for green energy projects, including credits for the purchase of electric cars.