Daily Tax Report ®

Yellen Favors Higher Company Tax, Capital Gains Worth a Look (2)

Feb. 22, 2021, 8:24 PM

Treasury Secretary Janet Yellen said President Joe Biden favors boosting taxes on companies, and signaled openness to considering raising rates on capital gains, while steering clear of a wealth levy.

“A wealth tax has been discussed but is not something President Biden” favors, Yellen said at a virtual conference on Monday hosted by the New York Times. She said such a tax would have significant implementation problems.

The administration is looking to boost the corporate tax to 28%, Yellen said. The Treasury chief said last week that revenue measures would be needed to help pay for Biden’s planned longer-term economic...

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