Jason Furman, chairman of the White House Council of Economic Advisers, told CNBC on Tuesday there's "strong economic logic" behind the idea of new tax hikes on the rich to pay for broad tax cuts.
He appeared on "Squawk Box" ahead of President Barack Obama's evening State of the Union address—in which the president plans to propose an increase in taxes on the wealthiest Americans and a fee on large, highly leveraged financial firms to pay for tax cuts for the middle class.
Obama is expected to push a plan to increase taxes by $320 billion over 10 years on the wealthy by closing tax loopholes. The White House said the proposed fee on the biggest financial companies would make it more costly for them to borrow heavily.
"There's an awful lot of your viewers that over and over again said, 'If we'd only done Bowles-Simpson look at the shape we'd be in.' Bowles-Simpson proposed exactly these rates, exactly this structure on capital gains," Furman said.
Democrat Erskine Bowles and Republican Alan Simpson unveiled a plan in late 2010 to cut the nation's ballooning budget deficit. It was never was implemented but often praised on both sides of the aisle.
"The bank tax, [Republican] former Ways and Means chairman Dave Camp, he proposed a very similar tax on banks," Furman said. "These all have a strong economic logic to them."
Furman also pointed to past doomsday scenarios in making his case for these new actions. "The tax deal at the end of 2012, we increased tax rates on capital gains and dividends. Some people predicted it would be the end of the world. It wasn't. Precisely the opposite as part of a balanced plan, our [economic] growth sped up."