Janet Yellen, the US Treasury secretary, said tax increases would be required to fund the next stages of the Biden administration’s economic agenda involving roughly $3tn in new spending on infrastructure, clean energy and education.
In testimony before the House financial services committee on Tuesday, Yellen faced criticism from Republican lawmakers who objected to raising taxes on corporations and wealthy households to pay for the large-scale spending.
The Treasury secretary defended the need for tax increases, but pledged that the Biden administration would not do anything to “hurt” small businesses or lower- and middle-income Americans.
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