WASHINGTON (Reuters) – US President-elect Joe Biden and his business team are now focused on providing quick relief to American families affected by the coronavirus pandemic and its economic fallout, by not raising taxes, the candidate said Tuesday. Biden as head of the Treasury.
Former Federal Reserve Chairman Janet Yellen told lawmakers a “mark to market” approach was one way to ensure capital gains taxes were paid, but said she would consider other approaches if confirmed for the post.
Yellen said she agreed that the 2017 corporate tax cut improved the competitiveness of American businesses, and Biden did not propose raising corporate taxes to the pre-2017 level. But she said it was also important that companies and wealthy people paid their fair share.
Reported by Andrea Shalal and David Lawder