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Janet Yellen on Tax Reform

 

 


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

Other candidates on Tax Reform: Janet Yellen on other issues:
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Page last updated: Jul 13, 2021