Politics

Treasury Secretary Yellen says US has to increase revenue to pay for Build Back Better bill

U.S. Treasury Secretary Janet Yellen went on CNN and talked about taxes, inflation, and the Build Back Better bill.

Yellen spoke to Jake Tapper on CNN, where she minimized concerns over the high inflation rates and talked about how the Build Back Better bill would be funded. The bill will supposedly be funded through taxing the wealthy via capital gains taxes (The Post Millennial). While Speaker of the House Nancy Pelosi calls it a “wealth tax”, she called it “unrealized capital gains” for the “exceptionally wealthy”. Speaking on inflation, she remarked, “I don’t think we’re about to lose control of inflation” (Reuters).

“As we make further progress on the pandemic, I expect these bottlenecks to subside. Americans will return to the labor force as conditions improve,” Yellen added. The benchmark overnight interest rate will remain near its near-zero rates, according to promises made by the Federal Reserve- that is until the economy returns to baseline. Despite this, the national debt for 2021 so far has already hit $2.7 trillion, which doesn’t reach quite as high as 2020’s $3.13 trillion.

President Joe Biden has received a lot of criticism for the current situation. This comes at a time that the Senate is struggling to reach a compromise that would allow the bill to move forward or be tossed. On Sunday, Pelosi said that the Democrats were “pretty much there” on the $2 trillion social spending bill after the president met with centralist Senator Joe Manchin (D-WV).

ARTICLE: RITA VOGT

MANAGING EDITOR: CARSON CHOATE

PHOTO CREDITS: REUTERS

Leave a Reply