Yellen: New Tax Code Could be Fairer for All Americans

The United States Treasury Secretary Janet Yellen said on Wednesday that the proposals of President Joe Biden to raise corporate tax rates would be fair for the country and would push more companies to invest in the American economy, by abolishing incentives shifting investments and profit abroad.

The new tax code would generate $2.5 trillion in public revenues during 15 years to pay for Biden’s proposed plan to renovate the infrastructure, invest in renewable energy, create millions of jobs, and enhance the social protection nets.

Meanwhile, preventing companies from moving their profits abroad could generate roughly $700 billion.

“Our tax revenues are already at their lowest levels in generations, and as they continue to drop lower, we will have less money to invest in roads, bridges, broadband, and R&D.”

“By choosing to compete on taxes, we’ve neglected to compete on the skill of our workers and the strength of our infrastructure. It’s a self-defeating competition.”