Yellen Defends Biden's Budget Proposal Amid Tax Hike Concerns

Treasury Secretary Janet Yellen reassured senators that Biden's 2025 budget aims to avoid tax increases on middle-class Americans, focusing instead on the wealthiest.

• Yellen testified before the Senate Finance Committee, emphasizing Biden's commitment to not raising taxes on households earning less than $400,000.
• The budget proposal includes restoring the expanded child tax credit and aims to reduce the federal deficit by $3 trillion over the next decade.
• Republican senators expressed concerns over potential middle-class tax increases due to the expiration of the Tax Cuts and Jobs Act.
• The proposed budget seeks to impose a minimum 25% tax rate on the unrealized income of the wealthiest households and increase corporate tax rates.
• Yellen and OMB Director Shalanda Young also testified before the House on the economic outlook, emphasizing opposition to tax breaks for the wealthy.

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