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Yellen Renews Call for Tax Hikes on Rich, Social-Spending Boost

  • Treasury chief urges return of tax rates to ‘historical norms’
  • Tax reforms can help fund ‘critical investments,’ Yellen says
Bloomberg business news
Yellen Calls for Additional Tax Code Reforms

Treasury Secretary Janet Yellen outlined some of the Biden administration’s unfinished economic business on Thursday in a speech calling for higher tax rates on the rich and on companies to help pay for social spending.

With less than two months before midterm elections where Democrats will be battling against the political odds to retain control of Congress, Yellen provided a sweeping review of what she saw as the administration’s bragging points: flooding the economy with fiscal support to weather the pandemic and enacting measures to boost long-term growth, productivity and fairness.