Yellen Says Biden Would Seek Extension of Some Trump Tax Cuts
- Companies, rich Americans must pay their ‘fair share’
- Treasury chief: Republicans want to undermine tax collection
Janet Yellen
Photographer: Julia Nikhinson/BloombergThis article is for subscribers only.
Treasury Secretary Janet Yellen said that a second Biden administration would seek to retain tax reductions enacted by former President Donald Trump that apply to those earning less than $400,000.
That figure has been a core part of President Joe Biden’s tax philosophy since he took office, and helped to shape the administration’s previous proposals. Parts of Trump’s 2017 tax-cut package will expire in 2025, and Yellen told reporters Wednesday that, should Biden win re-election in November, he would seek individual tax-cut extensions only for those earning less than $400,000 a year.