"Yellen and GOP Clash Over Biden's Tax Plan in 2025 Budget Hearing"
Originally Published 1 year ago — by CNBC
Treasury Secretary Janet Yellen defended President Biden's 2025 fiscal budget proposal during a Senate Finance Committee hearing, assuring Republican senators that taxes would not rise for those earning less than $400,000. The debate centered around the expiration of provisions from the Tax Cuts and Jobs Act, including the child tax credit, with Yellen emphasizing Biden's commitment to not raising taxes on households making under $400,000 and the importance of the Child Tax Credit in reducing child poverty. Biden's $7.3 trillion spending proposal aims to reduce the federal deficit by $3 trillion without increasing taxes on Americans earning less than $400,000, while House Republicans seek to pare down the deficit with cuts to the Inflation Reduction Act.
