U.S. Treasury Secretary nominee Alan Yellen said during a Senate nomination hearing on 19 May that the United States can afford to raise corporate taxes if it works with other economies around the world.
In response to a question from Senator Mike Crapo, Yellen said, “We look forward to working actively with other countries on multinational taxes through the Organization for Economic Cooperation and Development (OECD) consultations to try to stop the global competition that has been so devastating that corporate taxes are at rock bottom.
In this case, we will ensure the competitiveness of U.S. businesses even if we raise corporate taxes,” Yellen said. She was referring to the common, concerted effort regarding a higher corporate tax rate.
During the presidential election, Biden proposed raising the corporate tax rate to 28 percent from the current 21 percent. The U.S. had a corporate tax rate of 35 percent before the 2017 tax cut.
However, Yellen remains cautious that any plan to raise the corporate tax rate would have to begin after the government believes the U.S. has overcome the New Coronavirus (CCP virus) outbreak.
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