[[{“fid”:”2013″,”view_mode”:”full”,”fields”:{“format”:”full”,”field_file_image_alt_text[und][0][value]”:”ds”},”link_text”:null,”type”:”media”,”field_deltas”:{“1”:{“format”:”full”,”field_file_image_alt_text[und][0][value]”:”ds”}},”attributes”:{“alt”:”ds”,”class”:”media-element file-full”,”data-delta”:”1″}}]]
|
|
Secretary Yellen: We have not proposed a VAT tax. That is not part of our budget or the American Family Plan or Jobs Plan. And we do believe we can discuss the details of that scoring. I know that the scoring that’s been proposed for the compliance of parts of our proposal, the IRS investment, is less than our score and this is a very large change and it’s very difficult for the CBO.
Rep. Schweikert: Madam Secretary, and I’m sorry, it’s the tyranny of the three minute clock. And look, we all have to live by joint taxes scores because that’s how you will move towards reconciliation. But when we start to see is some of the scores coming out, they actually only gave you almost one third the revenue calculations on your capital gains tax and without the changing of basis it actually lost $33 billion. And if those actually flow into the joint tax, you are nowhere near covering this increase in spending with your tax hikes. I know you and the president have made a commitment that you’re covering the new spending with these tax hikes. What other revenue sources will you be planning to pursue to cover that spending?
Secretary Yellen: I’m sorry. What we said is that we had proposed a series of spending proposals and tax changes that we estimated would cover the cost over 15 years. We didn’t set down a marker that it is.
Rep. Schweikert: I don’t think that’s what you said actually in your opening statement. So with that, Mr. Chairman, I yield back.
### Back to News