U.S. Treasury’s Yellen says tax hike, infrastructure plan will boost profits

WASHINGTON (Reuters) – U.S. Treasury Secretary Janet Yellen defended President Joe Biden’s $2.2 trillion infrastructure corporate tax hike plans on Tuesday, telling the U.S. Chamber of Commerce that the proposals will enhance the profitability and competitiveness of American corporations.

© Reuters/Christopher Aluka Berry
FILE PHOTO: Former Federal Reserve Chairman Janet Yellen speaks during a panel discussion in Atlanta

In remarks prepared for delivery to the business lobby group, she said the “Jobs Plan” infrastructure investments would have a direct payoff to the American people, create jobs and simply “return the corporate tax rate toward historical norms.”

“We are confident that the investments and tax proposals in the Jobs Plan, taken as a package, will enhance the net profitability of our corporations and improve their global competitiveness. We hope that business leaders will see it this way and support the Jobs Plan,” she said.

(Reporting by David Lawder)