Treasury Sec. Yellen Promises ‘Big Return’ From Biden’s $6 Trillion Spending Proposals—But ‘We Should Pay For Them’

Treasury Sec. Yellen Promises ‘Big Return’ From Biden’s $6 Trillion Spending Proposals—But ‘We Should Pay For Them’

Share to Linkedin Treasury Secretary Janet Yellen laid out President Joe Biden's lofty fiscal agenda on Sunday while making the case for the widely divisive tax hikes the administration is hoping will pay for the roughly $6 trillion in economic spending proposed thus far—something critics say will hurt the economy more than it helps. Federal Reserve Chair Janet Yellen speaks during a news conference in Washington, DC. Speaking to NBC News' Meet the Press on Sunday morning, Yellen doubled-down on the need for higher taxes to help pay for Biden's proposals while containing the United States' growing debt load and budget deficits. She also reiterated that "no family earning under $400, 000 [annually] will pay a penny more in taxes," adding that the administration has been "assiduous in sticking to that pledge." Instead, the president has proposed increasing the corporate tax rate from 21% to 28% (below the 35% rate under Presidents Obama, Bush and Clinton), raising the income tax rate for families making over $400, 000 to the pre-Trump rate of 39. 6%, and taxing capital gains for the roughly 0. 3% of Americans making more than $1 million at that same rate. Yellen also emphasized closing tax loopholes