What to Know
President Joe Biden s tax plan would raise taxes for the wealthiest Americans, especially those making more than $400,000 a year.
Former President Donald Trump s signature tax law, the Tax Cuts and Jobs Act, cut taxes for most Americans. Its benefits went mostly to the rich.
Biden s agenda faces headwinds in a divided Senate. Democrats may be able to use a budget rule to pass a bill with a mere 50 votes.
Presidents Joe Biden and Donald Trump were far apart on many issues tax policy among them.
The Biden administration is seeking to dismantle or reverse many aspects of his predecessor s signature tax law. The law cut taxes for businesses and a broad swath of Americans, with benefits accruing mostly to the wealthy.
Jan 27, 2021
Washington – The Senate voted an overwhelming 84-15 to confirm Janet Yellen as the first woman to lead the U.S. Treasury earlier this week, setting her quickly to work with Congress on coronavirus relief, reviewing U.S. sanctions policy and strengthening financial regulation.
All opposition was from Republicans, several of whom have expressed concerns about President Joe Biden’s proposed $1.9 trillion coronavirus aid plan, tax hikes and other spending initiatives.
“Secretary Yellen’s confirmation shatters another glass ceiling,” Democratic Senator Dianne Feinstein said in a statement. “In a field dominated by men, it’s refreshing to finally see a woman leading the Treasury Department.”
Janet Yellen won overwhelming Senate confirmation as the first female U.S. Treasury secretary on Monday, setting her quickly to work with Congress on coronavirus relief, reviewing U.S. sanctions policy and strengthening financial regulation.
4 Min Read
WASHINGTON (Reuters) - Janet Yellen won overwhelming Senate confirmation as the first woman to lead the U.S. Treasury on Monday, setting her quickly to work with Congress on coronavirus relief, reviewing U.S. sanctions policy and strengthening financial regulation.
The Senate voted 84-15 to confirm Yellen, with all opposition coming from Republicans, several of whom have expressed concerns about President Joe Biden’s proposed $1.9 trillion coronavirus aid plan, tax hikes and other spending initiatives.
Shortly after the vote, House of Representatives Democrats delivered to the Senate a charge of impeachment against former President Donald Trump, accusing him of inciting insurrection in a speech to supporters before the Jan. 6 storming of the U.S. Capitol. The planned February trial has stoked some partisan divisions in the chamber, but those were largely absent on Monday.