When Treasury Secretary Janet Yellen sits down with House tax writers this morning, expect to hear her talk about good signs when it comes to the economy and efforts to transform the IRS.
Yellen will make a trip to the House Ways and Means Committee, where she’ll lay out priorities in the Biden administration’s tax agenda including a “billionaire minimum tax” and higher taxes on stock buybacks. She’ll also highlight tax filing season results, according to a copy of her prepared remarks that we obtained. Read them here.
Here’s a bit of what Yellen plans to say about the 2024 tax season, which wrapped up since her visit to the Senate last month:
The top Democrat on Ways and Means, Rep. Richie Neal (Mass.), cited sustained low unemployment and economic growth, saying “There’s a good story to tell,” when Yellen sits down with the committee.
Of course, expect House Republicans to present a very different view on how the Biden administration’s economic efforts and tax agenda are looking. Ways and Means Republicans are working to draw a contrast on next year’s big tax cliff — with lots of tax policy hanging in the balance in this November’s elections.
Republicans plan to use the hearing to press Yellen on how letting the Trump tax cuts expire at the end of next year would raise taxes for families and small businesses, according to a GOP source familiar with the plans.
Also expect to hear Republicans bashing President Joe Biden over the state of the U.S. economy and the administration’s handling of global tax negotiations, according to the source.
— Laura Weiss
