Janet Yellen, President-elect Joseph R. Biden’s pick for treasury secretary, said Tuesday that the 2017 GOP tax cuts gave American businesses a boost and that hiking taxes isn’t an immediate focus for Mr. Biden.
“Although the corporate tax cuts, I think, did improve the competitiveness of American businesses and President-elect Biden is not proposing to raise the corporate tax to the level before that act, it’s very important that corporations and wealthy individuals pay their fair share,” Ms. Yellen told members of the Senate Finance Committee.
Mr. Biden has talked about increasing the corporate tax rate from 21% to 28%. It was 35% before the Republican-controlled Congress passed a tax overhaul in 2017 that was signed into law by President Trump.
“The focus right now is on providing relief and on helping families keep a roof over their head and food on the table, and not on raising taxes,” Ms. Yellen said.