Treasury Secretary Janet Yellen on Tuesday made a proposal calling on business leaders to pay higher taxes to support a government spending stimulus, help trade unions and reduce restrictions on international competition.
In her speech to the U.S. Chamber of Commerce, Yellen reiterated the White House’s desire to raise taxes on companies and those with the highest incomes as part of an ambitious infrastructure spending plan.
The U.S. administration also plans to impose minimal global corporate taxes in an effort to stop companies from relocating their bases to avoid higher tax collections.
Adds Yellen, President Joe Biden’s American Family Plan will benefit from this more equitable tax reform. He also opined that the move could also reduce tax evasion that was frequently done in the past.
On the other hand, there is also an emphasis on disparities in the employment sector such as the lack of voice from the labor force because not many people participate in unions.
Former President Donald Trump has pushed for policies such as tariffs, fought the theft of American technology and Chinese intellectual property and withdrew from various global trade alliances. Yellen, however, said competition from abroad should be welcomed.
