Wealth Tax? Higher Taxes on Corporations and Capital Gains a Priority Says Treasury Sec

When ABC News host George Stephanopoulos asked Treasury Secretary on her thoughts of Senator Elizabeth Warren’s call for a wealth tax, Janet Yellen said that “there were other alternatives to redress that are similar in their impact to a wealth tax.”

“President Biden has put forward a number of proposals, he hasn’t proposed a wealth tax, but he has proposed that corporations and wealthy individuals should pay more in order to meet the needs of the economy, the spending we need to do,” continued Yellen.

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“And over time, I expect that we will be putting forth proposals to get deficits under control. [Wealth Tax] is something that we haven’t decided yet and can look at, but, you know, President Biden during the campaign proposed a higher tax rate on corporations, on individuals and on payments, capital gains and dividend payments that are received. And those are alternatives to redress that are similar in their impact to a wealth tax.

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