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Yellen Says Manchin Bill Won’t Raise Taxes for Families Earning Less Than $400,000 a Year

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Treasury Secretary Janet Yellen waded into the congressional debate over proposed economic and climate legislation, saying it won’t raise taxes for families earning less than $400,000 a year.

“The legislation would either reduce or have no effect on the taxes due or paid by any family with income less than $400,000,” Yellen wrote Tuesday in a letter to House Speaker Nancy Pelosi obtained by Bloomberg News. “In fact, the clean energy tax credits and the expanded premium tax credit will cut taxes for millions of Americans.”