White House Defends Joe Biden's Proposed Tax Hikes Despite Stock Market Shock

White House Defends Joe Biden's Proposed Tax Hikes Despite Stock Market Shock


White House press secretary Jen Psaki on Thursday defended reports of a planned tax hike from President Joe Biden, arguing the wealthy could afford it.

Psaki cited Biden’s desire for trillions in increased government spending on child care, infrastructure, and free pre-school.

“His view is that, that should be on the backs, that can be on the backs of the wealthiest Americans who can afford it and corporations and businesses who can afford it,” she said.

The Dow Jones Industrial Average plunged 400 points on Thursday afternoon after Bloomberg reported details of Biden’s possible 43.4 percent capital gains tax hike for wealthy Americans.

BREAKING: Stocks sharply drop to new session lows; Bloomberg reports President Biden will propose a capital gains tax as high as 43.4% for the wealthy. https://t.co/G2vjJUIJ82 pic.twitter.com/6N6hwRWBtl

Trending: Trump Will Leave Mar-a-Lago for New Jersey, Making It New Focal Point for Republican Politics

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Psaki did not deny the reported tax rates but

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