Finance Minister Janet Yellen told CNBC’s Closing Bell on Thursday that President Joe Biden would “slowly” phase out his proposed tax increases over time.
Yellen said that somewhere in 2021, the tax increases would probably be part of a larger package of legislation, which according to the financial network would involve ‘expenditure and investment over a number of years’ in areas such as education and infrastructure.
“And probably tax increases to pay at least a portion of it that is likely to slow down over time,” she added.
Biden campaigned for raising the corporate tax rate to 28%, which would still leave it below the 35% rate it was before the 2017 Republican tax bill lowered the corporate tax rate to 21%.
Yellen noted in January that Biden ‘said it would finally, as part of a larger package that would include substantial spending and investment proposals – not now while the pandemic was suppressing the economy, seek to repeal part of the 2017 tax cuts. which benefited the Americans and large corporations with the highest incomes. ”
The secretary also said on Thursday that the Biden government’s proposed coronavirus relief package would help bring back the work lost during the pandemic.
‘We think it’s very important to have a great package [that] ‘response to the pain it caused – 15 million Americans in arrears, 24 million adults and 12 million children not having enough to eat, and small businesses failing,’ ‘Yellen said.
‘I think the price of doing too little is much higher than the price of doing something great. We think that the benefits will outweigh the costs in the long run, ”she added.
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