Biden’s Treasury Secretary Janet Yellen all-but guaranteed Americas are in for a massive tax hike.
In an interview, Yellen revealed, “The President plans to introduce tax hikes gradually, moving slowly over time.”
Yellen goes on to admit the majority of massive tikes will be snuck into a larger legislation package, with spending projects spanning in areas like education and infrastructure.
“Tax revenue required to fund those larger spending projects will be collected slowly over time 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%.
Yellen noted in January that Biden “has said that eventually, as part of a larger package that would include significant spending and investment proposals — not now while the pandemic is really depressing the economy — that he would want 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 Biden administration’s proposed coronavirus relief package will help bring back the jobs lost during the pandemic.