On April 30, U.S. Treasury Secretary Janet Yellen told the House Ways and Means Committee that “no family earning less than $400,000 will face a tax hike” under President Biden’s proposed budget. Yellen testified in front of the committee about a variety of tax issues (domestic and international), as a battle is brewing in Congress over which of the expiring tax provisions of the Tax Cuts and Jobs Act (TCJA) will be renewed. According to the Joint Committee on Taxation, renewing all the tax provisions for another 10 years will cost approximately $3 trillion. Two specific tax credits legislators discussed at the hearing were the Child Tax Credit and the Earned Income Tax Credit. Stay tuned.
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