Sunday 19 June 2022 11:40 PM Brian Deese says taxing rich and prescription drug cost reform will ease ... trends now

Sunday 19 June 2022 11:40 PM Brian Deese says taxing rich and prescription drug cost reform will ease ... trends now
Sunday 19 June 2022 11:40 PM Brian Deese says taxing rich and prescription drug cost reform will ease ... trends now

Sunday 19 June 2022 11:40 PM Brian Deese says taxing rich and prescription drug cost reform will ease ... trends now

National Economic Council director Brian Deese pointed his finger at Congress for the solution to record inflation, arguing Sunday morning that legislation to lower prescription drug prices and reduce the federal deficit by taxing the wealthy was the way to make a 'real difference.' 

'Prices are unacceptably high right now,' the economic advisor said. May's figures indicated that prices are running 8.6 percent higher than they were one year ago.  

'Lowering prescription drug costs is one piece. Lowering utility costs by providing tax incentives for energy is another piece, but equally important, lowering the federal deficit by enacting long overdue tax reform,' Deese told CBS' Margaret Brennan on 'Face the Nation.' 

Biden has pushed for a 15 percent minimum tax and to end the Trump 2017 tax cuts on businesses and high earners.  

'Hiking taxes isn't going to change the price of milk. When and how are you actually putting forward this package?' Brennan noted, adding that tax increases and prescription drug cost negotiations failed when they were a part of the president's Build Back Better bill. 

'Prices are unacceptably high right now,' Brian Deese said. May's figures indicated that prices are running 8.6 percent higher than they were one year ago

'Prices are unacceptably high right now,' Brian Deese said. May's figures indicated that prices are running 8.6 percent higher than they were one year ago

Deese said that he was hopeful to see progress on a bill 'in the coming weeks.' He also pointed to a bill making its way through Congress that would lower the cost of semiconductor chips, known as the CHIPS Act. 

Sen. Majority Leader Chuck Schumer, D-N.Y., and Sen. Joe Manchin, D-W.Va., have been talking in recent weeks on a potential bill to bring down the cost of prescription drugs. Democrats are looking to pass narrower legislation on President Biden's legislative priorities after Manchin killed the $1.9 trillion Build Back Better bill. 

Speaker Nancy Pelosi, D-Calif., said on Thursday that negotiations on a slimmed-down

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