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Janet Yellen on Tax Reform
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Raise capital gains tax rate to same rate as on income
No family earning under $400,000 will pay a penny more in taxes. The other part comes from raising taxes back to the level they were at, 39.6% before 2017 for families making over $400,000. And for the tiny group of Americans making more than a
million dollars, that they would be asked to pay on capital gains and dividends that same rate, rather than the far lower rate it is now. Workers shouldn't face higher taxes on their wage income than wealthy individuals do on their rewards from capital.
Source: Meet the Press 2021 interview of Secretary of State
, May 2, 2021
Tax increases necessary to fund infrastructure, clean energy
Yellen said tax increases would be required to fund the next stages of the Biden administration's economic agenda involving roughly $3tn in new spending on infrastructure, clean energy and education.
The Treasury secretary defended the need for tax increases but pledged that the Biden administration would not do anything to "hurt" small businesses or lower- and middle-income Americans.
Source: Financial Times on 2021 Biden Administration
, Mar 23, 2021
Efficient taxation of multinational companies a priority
Yellen was voted-in to replace Steven Mnuchin, who suspended OECD-led talks on the two-pillar digital tax approach in June 2020. Corporate confidence is high on Yellen restarting negotiations after she stressed that efficient taxation of multinational
companies was a priority."Working in the context of the OECD negotiations on global taxation, we have much greater leverage to keep our American firms competitive if we avoid a race to the bottom in corporate taxation more globally," said Yellen.
Source: International Tax Review on 2021 Biden Cabinet
, Jan 29, 2021
Corporations & wealthy need to pay their fair share
Yellen said pandemic relief would take priority over tax increases, but corporations and the wealthy, which both benefited from 2017 Republican tax cuts "need to pay their fair share."She raised eyebrows of some senators and
Wall Street when she said that Treasury would consider the possibility of taxing unrealized capital gains - through a "mark-to-market" mechanism - as well as other approaches to boost revenues.
Source: Reuters news service on 2021 Biden Cabinet
, Jan 19, 2021
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