Yellen: Tax Hikes Would ‘Phase In Slowly’

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Treasury Secretary Janet Yellen told CNBC’s “Closing Bell” on Thursday that President Joe Biden “would probably phase in” his proposed tax increases “slowly over time.”

Yellen said that the tax hikes would likely come as part of a larger package of legislation sometime in 2021, which would “involve spending and investments over a number of years” on areas like education and infrastructure, according to the financial network.

“And probably tax increases to pay for at least part of it that would probably phase in slowly over time,” she added.

Biden campaigned on raising the corporate tax rate up to 28%, which would still leave it below the 35% rate that it was at before the Republican tax bill in 2017 reduced the corporate tax rate to 21%.

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{Matzav.com}


1 COMMENT

  1. “And probably tax increases to pay for at least part of it that would probably phase in slowly over time,”

    Translation: The tax increases will be made in a way that you don’t realize how serious they are at first.

    How are they expecting to pay for the part that won’t be covered by tax increases? The government outspends it’s tax revenue even without this.

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