Janet Yellen on Tax Reform



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

Other candidates on Tax Reform: Janet Yellen on other issues:
Incoming 2021 Biden Administration:
Defense:Lloyd Austin
State/Luxembourg:Tom Barrett
HHS:Xavier Becerra
Pres.:Joe Biden
State:Antony Blinken
DOT:Pete Buttigieg
State/Japan:Rahm Emanuel
State/Turkey:Jeff Flake
HUD:Marcia Fudge
State/India:Eric Garcetti
Attorney General:Merrick_Garland
DOE:Jennifer Granholm
DOI:Deb Haaland
V.P.:Kamala Harris
Climate:John Kerry
NASA:Bill Nelson
DHS:Alejandro Mayorkas
NASA:Bill Nelson
DOC:Gina Raimondo
Domestic Policy:Susan Rice
Public Liaison:Cedric Richmond
State/Mexico:Ken Salazar
State/N.Z.:Tom Udall
USDA:Tom Vilsack
DOL:Marty Walsh
Treasury:Janet Yellen

Cabinet Archives:
Biden Cabinet
Biden Administration
Trump Cabinet
Trump Administration
Obama Cabinet
Bush Cabinet
Biden Books
Trump Books
Obama Books
Bush Books
Former Trump Administration:

Former Obama Administration:
Pres.:Barack Obama
V.P.:Joe Biden
HUD:Julian Castro
State:Hillary Clinton

Former Bush Administration:
Pres.:George W. Bush
V.P.:Dick Cheney
State:Colin Powell
State:Condi Rice
EPA:Christie Whitman

Former Clinton Administration:
Pres.:PBill Clinton
V.P.:Al Gore
HUD:Andrew Cuomo
DOL:Robert Reich
A.G.:Janet Reno
State:Madeleine Albright
Civil Rights
Foreign Policy
Free Trade
Govt. Reform
Gun Control
Health Care
Homeland Security
Social Security
Tax Reform
Search for...

Page last updated: Jan 02, 2022