Yellen says Biden's focus now is providing relief, not raising taxes

FILE PHOTO: U.S. outgoing Federal Reserve Chair Janet Yellen holds a news conference after a two-day Federal Open Market Committee (FOMC) meeting in Washington, U.S. December 13, 2017. REUTERS/Jonathan Ernst/File Photo

WASHINGTON (Reuters) - U.S. President-elect Joe Biden and his economic team are focused now on providing quick relief for American families hit by the coronavirus pandemic and its economic fallout, not raising taxes, Biden’s nominee to head the Treasury said on Tuesday.

Former Federal Reserve chair Janet Yellen told lawmakers that a ‘mark to market’ approach was one way to ensure that capital gains taxes were paid, but said she would consider other approaches if confirmed for the post.

Yellen said she agreed that the 2017 corporate tax cut had improved the competitiveness of American businesses, and Biden was not proposing to raising corporate taxes to the pre-2017 level. But she said it was also important that corporations and wealthy individuals paid their fair share.

Reporting by Andrea Shalal and David Lawder