The battle over President Biden’s proposed 2024 budget continues in Washington. During a recent appearance before the House Ways and Means Committee, Treasury Secretary Janet Yellen bore the brunt of the GOP-controlled committee’s frustrations toward the administration’s spending agenda. Yellen reiterated that the budget’s tax proposals, such as the 25% “billionaire” wealth tax and increasing the corporate tax rate to 28%, would reduce the federal deficit by just under $3 trillion over the next decade. Republican committee members also voiced their concerns over the budget’s proposed $29.1 billion in additional IRS funding. Stay tuned.
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