The US may raise taxes to restore the economy

Treasury Secretary Janet Yellen, at the same time, opposed the increase in taxes for individuals.

Increased taxation, primarily in the corporate sphere, may be required in the United States to finance economic recovery plans after the coronavirus pandemic. This was stated on Monday by United States Treasury Secretary Janet Yellen in an interview with The New York Times in an online broadcast format.

Answering the question of whether to expect an increase in the tax on capital gains, Yellen said that “this question deserves consideration.” She also recalled the plans announced earlier by President Joe Biden to raise the income tax to 28% from the level of 21% set by the previous head of the US administration.

At the same time, the Finance Minister opposed the increase in taxes for individuals. “The introduction of a wealth tax has been discussed, but President Biden does not support these plans,” she said, adding that it will definitely not be introduced for individuals whose income per year is no more than $400 thousand. She also spoke cautiously about the introduction of a tax on financial transactions. “It is necessary first to carefully analyze the possible results of such a decision,” Yellen said.

Author: Steve Cowan
Graduated From Princeton University. He has been at the Free Press since October 2014. Previously worked as a regional entertainment editor.
Function: Chief-Editor
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