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Daily Tax Report ®
Treasury Secretary Janet Yellen, seen at a Senate hearing on June 23, is playing
a key role in global tax negotiations.
Photographer: Greg Nash/The Hill/Bloomberg
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April 30, 2024, 8:50 AM HST


GOP PRESSES YELLEN ON OECD, 2025 WEALTHY TAX HIKES, DEFICIT

By Chris Cioffi

Chris Cioffi
Senior Reporter

 * Maintaining the value of research and development credit a priority
 * Debate over taxing income under $400,000 an issue

Lawmakers looking toward the 2025 tax fight pressed Treasury Secretary Janet
Yellen on how the Biden administration would preserve tax benefits for earners
making under $400,000 while not running up the national debt and deficits.

Yellen’s appearance at Tuesday’s House Ways and Means panel coincides with
efforts by GOP members to divide into teams to plot tax priorities before many
of the 2017 GOP tax law’s individual provisions sunset.

Questions about managing the national debt as part of the tax overhaul came from
both Democrats and Republicans, who asked Yellen how the tax code should raise
revenue but protect Americans ...


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