President Joe Biden is keen on raising taxes on capital gains without taxing the wealth of individual Americans, US Treasury Secretary Janet Yellen said on Monday
WASHINGTON (Pakistan Point News / Sputnik - 22nd February, 2021) President Joe Biden is keen on raising taxes on capital gains without taxing the wealth of individual Americans, US Treasury Secretary Janet Yellen said on Monday.
"A wealth tax has been discussed but it's not something that President Biden has come out in favor of," Yellen said in a live-streamed discussion hosted by the New York Times's Dealbook.
The treasury secretary said a financial-transactions tax was also something the administration was not too keen on, as one would have to examine closely what effect it would have and whether it would impact people from making outright investments with their cash.
On the other hand, a hike in the capital-gains tax was something the administration was weighing, she said.
"President Biden has pledged not to raise taxes on households making less than four hundred thousand Dollars. But as you know, for example, the capital gains taxation might be something worth considering," Yellen said.
She reiterated the administration's plans to raise to 28 percent the current corporate tax rate of 21 percent to fund longer-term economic reconstruction and reduce concerns about debt sustainability.
