Republican senators questioned Treasury Secretary Janet Yellen about provisions of the Trump administration's Tax Cuts and Jobs Act which if allowed to expire, they alleged, could raise taxes for some Americans.
Yellen said President Joe Biden is committed to not raising taxes on households making under $400,000. Biden proposes reducing the federal deficit by $3 trillion over the next 10 years by taxing the wealthiest companies and households.proposal as Republican senators said they feared taxes would rise for the middle class as the result of a law due to expire next year.
"For years, President Biden has vowed no tax increase on individuals earning less than $400,000," Sen. Steve Daines, R-Mont., said during a Senate Finance Committee hearing where Yellen was testifying.
Yellen said that Biden has"committed to not raising taxes on households making under $400,000" and has expressed"a commitment to the importance of the Child Tax Credit, which has dramatically lowered child poverty.", and the 2021 American Rescue Plan temporarily upped the credit amount by $1,000-$1,600 during the pandemic, according to the National Conference of State Legislatures.
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