{"id":118206,"date":"2021-03-23T20:21:14","date_gmt":"2021-03-23T20:21:14","guid":{"rendered":"https:\/\/precoinnews.com\/?p=118206"},"modified":"2021-03-23T20:21:14","modified_gmt":"2021-03-23T20:21:14","slug":"yellen-says-biden-administration-weighing-tax-structure-changes-to-fund-infrastructure-bill","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/economy\/yellen-says-biden-administration-weighing-tax-structure-changes-to-fund-infrastructure-bill\/","title":{"rendered":"Yellen says Biden administration weighing tax structure changes to fund infrastructure bill"},"content":{"rendered":"
Former Nuveen chief equity strategist and senior portfolio manager Bob Doll provides insight into upcoming economic growth and how markets are reacting to more spending. <\/p>\n
Treasury Secretary Janet Yellen said Tuesday that President Biden is exploring changes to the tax structure in order to offset the cost of Democrats' next big-ticket economic spending package.<\/p>\n
While testifying before the House Financial Services Committee, Yellen said an infrastructure package — which the White House is expected to pursue as its next legislative priority — will likely be paid for by reforms to the tax code.<\/p>\n
SOME AMERICANS STILL NEED TO PAY TAXES BY APRIL 15, DESPITE NEW DEADLINE<\/strong><\/p>\n "We expect to examine changes to tax policy along with programs that will address some of the long-standing problems that have held down productivity and labor supply in the United States," Yellen said. "We'll address infrastructure, clot risks from climate change, education, training."<\/p>\n The specific contours of the infrastructure package, and the tax increases that it may include, are still unclear; however, Biden repeatedly pledged during the 2020 presidential campaign to raise the corporate tax rate to 28% from 21%, increase the income tax rate on individuals earning more than $400,000, expand the estate tax, create a higher capital-gains tax rate for individuals earning at least $1 million annually and pare back tax preferences for so-called pass-through businesses.<\/p>\n HERE'S HOW THE $10,200 UNEMPLOYMENT TAX BREAK IN BIDEN'S COVID RELIEF PLAN WORKS<\/strong><\/p>\n An analysis of Biden's tax plan conducted by the Tax Policy Center estimated it would raise $2.1 trillion in new revenue over a decade.<\/p>\n