Yellen pushes higher taxes, stronger unions, more global competition to U.S. Chamber

GURPS

INGSOC
PREMO Member
Treasury Secretary Janet Yellen called on Tuesday for business leaders to pay higher taxes to support government stimulus spending, and backed stronger labor unions and lowering barriers to foreign competition.

In a speech to the U.S. Chamber of Commerce, Yellen reiterated the White House’s intent to raise taxes on corporations and the highest earners as part of an ambitious infrastructure spending plan.

The administration also is seeking a global corporate minimum tax in an effort to stop companies from relocating their bases to avoid higher levies at home.

“With corporate taxes at a historical low of one percent of GDP, we believe the corporate sector can contribute to this effort by bearing its fair share: we propose simply to return the corporate tax toward historical norms,” Yellen said in prepared remarks for the Chamber’s Global Forum on Economic Recovery.

 
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