Treasury Secretary Janet Yellen called on Tuesday for business leaders to pay higher taxes to support government stimulus spending, and backed stronger labor unions and lowering barriers to foreign competition.
In a speech to the U.S. Chamber of Commerce, Yellen reiterated the White House’s intent to raise taxes on corporations and the highest earners as part of an ambitious infrastructure spending plan.
The administration also is seeking a global corporate minimum tax in an effort to stop companies from relocating their bases to avoid higher levies at home.
“With corporate taxes at a historical low of one percent of GDP, we believe the corporate sector can contribute to this effort by bearing its fair share: we propose simply to return the corporate tax toward historical norms,” Yellen said in prepared remarks for the Chamber’s Global Forum on Economic Recovery.
Yellen added that President Joe Biden’s American Families Plan will be paid for in part by a “series of tax reforms that ensure that wealthy individuals are paying their fair share.” She said the administration is also looking to stop tax evasion that has “stacked the deck for decades against responsible and compliant taxpayers.”
Reference: CNBC
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