East Idaho Times

Washington, D.C.--At a U.S. Senate Finance Committee hearing on President Biden’s Fiscal Year 2025 budget, Ranking Member Mike Crapo (R-Idaho) criticized the tax proposals put forth by the President, stating that they would burden American taxpayers. Crapo highlighted the impact of the proposed tax increases, emphasizing that they would slow the economy and affect almost all Americans. He contrasted the President's tax proposals with the Tax Cuts and Jobs Act (TCJA) passed by Republicans, which he credited with contributing to a robust economy.

During the hearing, Crapo questioned U.S. Department of Treasury Secretary Janet Yellen on the administration's stance on extending tax provisions from the TCJA. Yellen confirmed the President's commitment to not increasing taxes for households earning less than $400,000 per year and expressed support for extending certain provisions that benefit this income group.

Regarding the potential effects of increasing corporate tax rates, Crapo raised concerns about the impact on the economy and wage growth. Yellen acknowledged the need for a strong economy and referenced international efforts, including the OECD's tax pact, to address corporate tax issues.

In discussions on international tax negotiations, Crapo highlighted discrepancies in revenue estimates and expressed worries about potential revenue losses for the United States. Yellen explained that changes in foreign tax policies could affect the estimated revenue outcomes and emphasized the importance of considering global tax regulations.

The exchange between Crapo and Yellen underscored the divergent views on tax policies and their implications for American taxpayers, with Crapo asserting that the President's budget would lead to "Higher Taxes for the Majority to Support Government Subsidies for the Few."