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