Biden Administration Seeks to Retain Some Trump Tax Cuts: Yellen

Published on January 25, 2024

The Biden administration is seeking to retain parts of former President Donald Trump’s tax cuts for those earning less than $400,000, Treasury Secretary Janet Yellen told reporters. Ms. Yellen confirmed to reporters before her appearance at the Economic Club of Chicago that President Joe Biden would extend parts of his predecessor’s 2017 Tax Cut and Jobs Act (TCJA) legislation, which is set to expire in 2025. “The president is clearly focused on tax fairness,” she said. “He’s going to be focused on making sure that tax cuts disappear for those corporations, and we’re not negotiating new tax breaks for wealthy individuals.”...

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