In an email exchange with CNN, Treasury Secretary Janet Yellen said “asking ‘will these tax increases hurt the economy?’ is not the right question.”
“The right question is: ‘Is trading higher taxes on high-income taxpayers for middle-class tax cuts and major economic investments pro-growth?’ And the answer to that question is a resounding yes,” she continued.
“The greatest threat to our economic recovery — and our long-term economic prospects — is not a marginally higher tax rate for large corporations or the top 1% of taxpayers,” she added. “It’s a lack of support for America’s workers and families.”
Per The Hill the Biden admin “is proposing raising the corporate tax rate to 28 percent and raising some taxes on Americans making $400,000 or more per year as a means of paying for a $2.3 trillion package of legislation dealing with infrastructure as well as issues such as child care and universal pre-k.”