TO the newsroom
UPDATED 7:35 p.m. PT – Thursday June 17, 2021
Joe Biden’s Treasury Secretary Janet Yellen failed to explain her position on the state and local tax deductions introduced by President Trump. In her testimony before the House Ways and Means Committee on Thursday, Yellen admitted that Biden is not taking a clear position on the lifting of these tax deductions.
House Democrats have made plans to include the repeal of Trump’s tax breaks as part of Biden’s $ 6 trillion spending package. Far left Democrats, however, deny the matter, arguing that repeal would only benefit high-income households and undo Biden’s overall budget proposal.
❗️ HAPPENING NOW ❗️
LIVE: Chairman @RepRichardNeal holds a hearing with @USTreasury Secretary Janet Yellen @SecYellen on @POTUS ‘proposed budget for FY2022.
Tune in below to watch it now ⬇️ https://t.co/z0pPpkGFVL
– Ways & Means Committee (@WaysMeansCnte) June 17, 2021
Yellen went on to say that the Treasury Department could simply raise taxes instead.
“Our tax proposals raise tax rates for those who can most afford to pay a little more tax,” she said. “We propose reforming international tax rules to end the profit shifting and offshoring incentives of current law and investing in the IRS to improve compliance with our tax laws.”
Yellen also realized that lifting President Trump’s tax deductions would harm businesses and households already crippled by COVID-19 lockdowns.