Political and Legislative

Biden Administration Insists That Tax Hikes Won’t Affect Most People

The Biden administration is sticking to its message that the president’s proposed $6 trillion in spending — which has been bucked by Republicans in Congress — would and should be paid for by raising taxes on corporations and the wealthy.

Treasury Secretary Janet Yellen on Sunday said raising the corporate tax rate above its current 21 percent rate, while keeping it below 35 percent, and closing corporate tax loopholes will help pay for President Joe Biden’s plans. She said those plans are “necessary to invest in our economy so that we can be competitive and have families and children succeed, invest in infrastructure, in R&D, and the things that shore up middle class prosperity: education, child care, and health care.”

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