Spending bills to reduce US inflation – Yellen
United States Treasury Secretary Janet Yellen said on Friday that two bills that the White House and Congress are working on would result in lower costs for American households and, in turn, cause the soaring inflation rate to decline.
Both pieces of legislation “are fully paid for,” they don’t impose taxes on people earning less than $400,000 but include taxes on corporations and high-income individuals and investments in the Internal Revenue Service (IRS) in order to “boost compliance” with tax rules and resolve the issue of “uncollected tax revenue,” she specified in an interview with CNBC.
Yellen went on to acknowledge that “supply chain issues are holding our economy back somewhat,” especially the surging semiconductor demand. “It will take a while to boost supply… but I do expect that it will be addressed over the medium term,” she added.
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