Biden Takes Only One Pre-Approved Question; Budget Director Denies Higher Taxes Raise Prices; “Equity in All We Do”

On 3/29/2022, Biden took only one pre-approved question at his budget event — calling on a specific reporter by name. OMB Director Shalanda Young insisted that raising corporate taxes from 21% to 28% would not increase prices despite corporations already passing every other cost increase to consumers. Rep. Byron Donalds pressed Young on the contradiction, and she revealed the administration’s executive order requiring “equity in all we do” — including government procurement. Psaki was pressed on the 45-minute gap between Biden’s regime change remark and the White House walkback.

One Pre-Approved Question

Biden limited press access at his budget event. “Now we should agree to take one question and I’ll recognize someone first. Darlene Superville, Associated Press,” Biden said — calling on a specific reporter for a single pre-approved question.

The restriction continued a pattern of limiting Biden’s interactions with the press. He had held fewer press conferences than any modern president at the same point in his term.

Higher Taxes Won’t Raise Prices?

Rep. Byron Donalds pressed OMB Director Young on the central contradiction of the budget. “Does the administration believe that higher corporate income taxes will have an equal force and increase in prices in an already inflationary environment?” Donalds asked.

“We do not believe that is the case,” Young said.

“So the administration doesn’t think that higher taxes are going to lead to higher prices on top of an already inflationary environment?” Donalds pressed. “Corporations always pass on cost increases. They’re doing it with inflationary costs, with freight costs, with the cost of wheat, the cost of oil. That’s all being passed through.”

“We don’t believe that asking corporations to pay 28% — they used to pay 35% before the last tax cuts — will increase inflationary pressures,” Young insisted.

Donalds then countered with data. “Does the administration acknowledge the fact that when the corporate tax rate was cut from 35% to 21%, the United States raised more revenue in corporate income taxes than at any other point in American history?” he asked.

Young pivoted to loopholes. “What we saw was a continued use of legal loopholes that prevented 50 Fortune 500 corporations from paying any taxes,” she said — not answering the question.

“I’m not talking about the uses of what’s already in the tax code. I’m talking about the fact that the government raised more revenue from corporate income taxes. Yes or no?” Donalds pressed.

“And corporations continue to make more. That is the point,” Young said.

”Equity in All We Do”

Young revealed the administration’s procurement philosophy. “I’m sure you know about our executive order, 13985. It requires that we incorporate equity in all we do,” Young said. “Racial equity, rural equity, those left behind, those are disabled brothers and sisters. Our government should work for all people at all times.”

“When we do procurement, we want to make sure that our dollars are spent with socially disadvantaged companies,” Young added. “We are implementing this executive order not just in the budget, but in how we do business.”

The 45-Minute Gap

A reporter pressed Psaki on the timeline of Biden’s regime change walkback. “45 minutes after the President’s remarks in Warsaw, a statement landed from an unnamed White House official saying the administration did not change its policy with regards to Russia,” the reporter said. “Did the President conclude there needed to be clarification, or did White House advisors come to him?”

“Only President Biden decides what President Biden is going to say,” Psaki said. “The statement was simply a confirmation that it did not represent a policy change.”

Florida Parental Rights Law

After Governor DeSantis signed Florida’s Parental Rights in Education legislation, the administration vowed to monitor it. “The Department of Education will monitor this law upon implementation to evaluate whether it violates federal civil rights law,” Psaki said.

Biden had called it an attack on “some of Florida’s most vulnerable students and families, all while under the guise of parents’ rights."

"A Real Problem of High Underlying Inflation”

An economist offered a stark assessment. “The macroeconomic over-expansion of 2021 created those problems, and then layered on with further supply shocks in oil and food,” the economist said. “We’ve got a real problem of high underlying inflation that I don’t think will come down to anything like acceptable levels of its own accord.”

Key Takeaways

Biden took only one pre-approved question at his budget event, calling on a specific reporter by name.
OMB Director Young insisted raising corporate taxes from 21% to 28% would not increase prices — while acknowledging corporations were already passing every other cost increase to consumers.
Young revealed the administration required “equity in all we do” in government procurement under Executive Order 13985.
Psaki said the 45-minute gap between Biden’s regime change remark and the walkback was because “only President Biden decides what President Biden is going to say.”
An economist warned of “high underlying inflation that won’t come down to acceptable levels of its own accord.”

Transcript Highlights

The following is transcribed from the video audio (unverified — AI-generated from audio).

We should agree to take one question. Darlene Superville, Associated Press.
We don’t believe asking corporations to pay 28% will increase inflationary pressures. Corporations always pass on cost increases. They’re doing it now.
Does the administration acknowledge the U.S. raised more revenue from corporate income taxes after the cut? Corporations continue to make more.
We incorporate equity in all we do. Racial equity, rural equity. Our dollars should be spent with socially disadvantaged companies.
Only President Biden decides what President Biden is going to say.
We’ve got a real problem of high underlying inflation that won’t come down to acceptable levels of its own accord.

Full transcript: 997 words transcribed via Whisper AI.