United StatesTreasury's Yellen: Biden programs to make 'big difference' to inequality

1 minute read

U.S. Treasury Secretary-designate Janet Yellen in Wilmington, Delaware, U.S., December 1, 2020. REUTERS/Leah Millis

U.S. President Joe Biden's overall proposal, which include stepped up spending on infrastructure, childcare and education, will make a "big difference" to inequality, U.S. Treasury Secretary Janet Yellen said in remarks released on Tuesday.

Republicans have criticized the proposed tax increases Biden expects to use to pay for his proposals, but Yellen, in taped remarks to a virtual event put on by The Atlantic, said the effect of a change in marginal tax rates is "much less powerful in influencing growth in either direction," adding that her aim is to make sure government deficits "stay small and manageable."

Our Standards: The Thomson Reuters Trust Principles.