.SecYellen defended POTUS's proposed budget before WaysandMeansGOP in her first appearance before the House since Republicans took control.
Yellen provided testimony to the House Ways and Means Committee, which is now led by Chairman Jason Smith . The visit to Congress comes only a day after Biden released his annual budget, a massive tax-and-spending package that includes $6.9 trillion in spending for fiscal 2024 and would result in total deficits of $17 trillion over the coming decade.
Smith trashed Biden’s budget on Friday and highlighted the aggressive increase in taxes that the president is calling for. Biden also proposed raising the corporate tax rate from 21% to 28% and pitched a 25% minimum tax on the wealthiest people in America, a tax that would only apply to those in the 0.01% of the highest earners.
“After Democrats handed the IRS an $80 billion raise last year, taxpayers are now asked in this budget to hand the IRS another $43.2 billion? I have to ask: Is this a joke?” Smith said.
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