Treasury Secretary Janet Yellen told CNBC’s Closing Bell on Thursday that President Joe Biden “would likely implement” his proposed tax increase “slowly over time”.
Yellen said the tax increases would likely come as part of a larger package of legislation sometime in 2021, which “would involve spending and investing over several years” in areas such as education and infrastructure, according to the financial network.
“And probably tax increases to pay at least part of it, which would likely be gradually progressive over time,” she added.
Biden campaigned to raise the corporate tax rate to 28%, which would still bring it below the 35% rate that was before the Republican tax law in 2017 to reduce the corporate tax rate to 21%.
Yellen noted in January that Biden “said that eventually, as part of a larger package that would include significant spending and investment proposals – not now, while the pandemic is really depressing the economy – that he would want to repeal parts of the 2017 tax cuts. which benefited higher-income Americans and large companies. “
The secretary also said on Thursday that the coronavirus relief package proposed by the Biden government will help bring back jobs lost during the pandemic.
“We think it’s very important to have a big package [that] addresses the pain this has caused – 15 million Americans behind on rent, 24 million adults and 12 million children who do not have enough to eat, small businesses failing, ”said Yellen.
“I think the price of doing little is much higher than doing something big. We believe that the benefits will far outweigh the long-term costs, ”she added.
© 2021 Newsmax. All rights reserved.