Yellen on raising taxes for high-income earners

US Treasury Secretary Janet Yellen stated that tax rates for high earners and corporations should be "returned to historical norms" and that tax reforms would provide the government with additional fiscal space for critical investments.

https://twitter.com/alfonslopeztena/status/1388925636748664835 US Treasury Secretary Janet Yellen stated that tax rates for high-income earners and corporations should be "returned to historical norms" and that tax reforms would provide the government with additional fiscal space for critical investments. Stating that US President Joe Biden's economic plan is working, Yellen said that the US is experiencing one of the fastest economic recoveries in its modern history. However, noting that Americans are concerned that high prices are squeezing their daily budgets and long-term savings, Yellen said the causes of inflation are largely global. Yellen reiterated that the administration's top economic priority is to fight inflation. Emphasizing that the most urgent challenge is to return to a stable price environment without compromising the economic gains of the last 2 years, Yellen said, "We must keep our public finances on solid foundations to ensure our long-term economic stability." Yellen stated that they will increase the momentum of corporate tax reforms under the Disinflation Act to advocate for additional reforms to the tax code and the global tax system, noting that: "This includes closing loopholes and returning tax rates for high earners and corporations to historical norms. These reforms will ensure that everyone pays their fair share, giving our government additional fiscal space to make critical investments." Follow Global Economic Developments on Social Media! Click here to follow Ieconomy official Facebook account! Click here to follow Ieconomy official Instagram account! Click here to follow Ieconomy official Twitter account!