Are higher taxes coming? Janet Yellen talks ‘revenue raises’ and ‘full employment’ by next year

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Janet Yellen, Assistant of the Treasury, claimed in her statement with Congress yesterday that tax obligation policies may require to be modified in order to pay for stimulus programs as well as offer continuous relief to Americans.

" We anticipate to take a look at adjustments in tax obligation plan along with programs that will deal with some of the long-standing troubles that have held back our performance and also labor supply in the United States," Yellen said.

While she did not explicitly state an increase in tax obligations will certainly come, she claimed that "earnings increases" are likely.

" The stimulation package the American rescue plan was not funded with any kind of rises in tax obligations however a longer-term plan that addresses this economic climate most likely would be gone along with by some revenue elevates," she claimed.

On the economic situation, Yellen stated that the UNITED STATE is on track to recover into following year, with the aid of the government's alleviation program.

" With the flow of the rescue plan I'm confident the people will reach the other side of this pandemic with the structures of their lives undamaged. And also I believe they'll be satisfied there by a growing economic situation. In fact, I believe we might see a return to complete employment following year," she claimed.

Nevertheless, the circumstance currently is still alarming, Yellen kept in mind.

" 1 in 10 homeowners with a mortgage are behind on their repayments and also virtually 1 in 5 tenants lag on their lease. There are 22 million people that state they don't have sufficient food to eat. 1 in 10 grownups are hungry in America. I took a look at data like these and also I worried that the COVID economic climate was mosting likely to maintain injuring countless people currently and haunt them long after the wellness emergency mored than," she said.

Do you agree with Yellen's strategy? Comment listed below.

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Are higher taxes coming? Janet Yellen talks 'revenue raises' and 'full employment' by next year

Janet Yellen, Secretary of the Treasury, said in her testimony with Congress yesterday that tax policies may need to be revised in order to pay for stimulus programs and provide ongoing relief to Americans.

“We expect to examine changes in tax policy along with programs that will address some of the long-standing problems that have held down our productivity and labor supply in the United States,” Yellen said.

While she did not explicitly say an increase in taxes will come, she said that “revenue raises” are likely.

“The stimulus package the American rescue plan was not funded with any increases in taxes but a longer-term plan that addresses this economy probably would be accompanied by some revenue raises,” she said.

On the economy, Yellen said that the U.S. is on track to recover into next year, with the help of the government’s relief program.

“With the passage of the rescue plan I’m confident the people will reach the other side of this pandemic with the foundations of their lives intact. And I believe they’ll be met there by a growing economy. In fact, I think we may see a return to full employment next year,” she said.

However, the situation now is still dire, Yellen noted.

“1 in 10 homeowners with a mortgage are behind on their payments and almost 1 in 5 renters are behind on their rent. There are 22 million people who say they don’t have enough food to eat. 1 in 10 adults are hungry in America. I looked at data like these and I worried that the COVID economy was going to keep hurting millions of people now and haunt them long after the health emergency was over,” she said.

Do you agree with Yellen’s plan? Comment below.

__________________________________________________________________
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Are higher taxes coming? Janet Yellen talks 'revenue raises' and 'full employment' by next year