Treasury Secretary Janet Yellen told CNBC’s closing bell on Thursday that President Joe Biden would “probably gradually introduce” his proposed tax increases “slowly over time.”
Yellen said the tax hikes would likely become part of a larger legislative package sometime in 2021, which “would involve spending and investment over several years” in areas such as education and infrastructure, according to the network. financial.
“And probably tax increases to pay at least a portion that would probably come in slowly over time,” he added.
Biden campaigned to raise the corporate tax rate to 28%, which would still leave it below 35% before the Republican tax law in 2017 reduced the corporate tax rate. companies at 21%.
Yellen noted in January that Biden “has said that finally, as part of a larger package that would include significant spending and investment proposals – not now, while the pandemic is depressing the economy – he would like to repeal parts of the 2017 tax cuts that benefited Americans and large, higher-income companies. “
The secretary also said Thursday that the coronavirus aid package proposed by the Biden administration will help regain jobs lost during the pandemic.
“We think it’s very important to have a great package [that] addresses the pain this has caused: 15 million Americans have lost their wages, 24 million adults, and 12 million children without enough food;
“I think the price of doing too little is much higher than doing something big. We believe that the benefits will far outweigh the long-term costs, ”he added.
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