Tax policy
She was more direct in responding to criticism of Mr Biden's plan to reduce the threshold for the federal estate tax, saying"about the wealthiest six out of every thousand estates would face any tax" under the plan. Dr Yellen rebuffed criticism from Republicans that raising the corporate rate to 28 per cent from 21 per cent as Mr Biden proposed would make the United States less competitive.
At the same time, she said:"Right now, taking too little action poses the greatest risk." She also pledged not to pressure the Fed on the scope of its asset purchases, a point of concern among some politicians and economists given the scale and impact of Fed bond buying. Dr Yellen said the administration will work, across agencies,"to put effective pressure on countries that are intervening in the foreign exchange market to gain a trade advantage".
More broadly, she said the US needs to compete with China's"economic statecraft" around the world and build partnerships distinguished from President Xi Jinping's signature Belt and Road Initiative.Dr Yellen said she will review the Treasury's debt-issuance strategy, including the weighted average maturity of federal debt. She didn't immediately suggest major changes.
Dr Yellen said the Treasury would"conduct a careful review of sanctions to ensure that they are targeted, effective, and minimise unintended consequences".
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