Secretary yellen to discuss the president s 2022 Budget Proposal. Theres lots to discuss. The time is tight. Lets begin with taxes. Last tuesday americans woke up to what appeared to be the largest unauthorized disclosure of tax data in history. As i said at the time, the committee takes confidentiality of taxpayeR Data very seriously. And i expect that an appropriate investigation is under way. I want to thank treasury officials who held a briefing with the staff this week on the subject. The committee takes confidentiality seriously. I also take the issue of economic fairness very seriously. The information if the pro Publica Report depicts a Tax System in custom the wealthiest people in the Nation Pay Rock Bottom Tax rates. Sometimes zero. Whats worse is its all perfectly legal. The details may not have been a surprise to those who file taxes, but there is still a Gut Punch to read it on a page. Days later, another new report described a second big tax ripoff. In this case, from the
Of taxpayeR Data very seriously. And i expect that an appropriate investigation is under way. I want to thank treasury officials who held a briefing with the staff this week on the subject. The committee takes confidentiality seriously. I also take the issue of economic fairness very seriously. The information if the pro Publica Report depicts a Tax System in custom the wealthiest people in the Nation Pay Rock Bottom Tax rates. Sometimes zero. Whats worse is its all perfectly legal. The details may not have been a surprise to those who file taxes, but there is still a Gut Punch to read it on a page. Days later, another new report described a second big tax ripoff. In this case, from the people who bought you the carried Interest Loophole. There is carried interest on steroids. Wealthy investment managers and their lawyers seem to turn even more of their Wage Income into tax preferred capital gains using legal documents that essentially said presto changeo in accounting lingo. Even afte
Investment. We need ambitious fiscal policy to start unwinding these trends. And if there is a short summary of the president s budget, thats it. The budget, which includes both the american jobs and families plan, will repair the fractured foundations of our economy. So my first question is, is the Administrations Position that the u. S. Should increase its global minimum tax, the guilty, or its minimum tax to an effected rate of 26 before others, including china, enact a minimum tax themselves . We have proposed a global minimum tax effective rate of 21 , not 26 . And what were working toward internationally is a global minimum tax that is at least 15 , and hopefully higher than that, with the g7 agreed to in london last week was that they would adopt global minimum tax at least 15 , not 15 but hopefully higher than that. And i think if were able to make progress domestically on reforming our guilty, which needs to be on a countrybycountry basis, rather than a blended basis and ourse
Committee takes confidentiality of taxpayeR Data very seriously. And i expect that an appropriate investigation is under way. I want to thank treasury officials who held a briefing with the staff this week on the subject. The committee takes confidentiality seriously. I also take the issue of economic fairness very seriously. The information if the pro Publica Report depicts a Tax System in custom the wealthiest people in the Nation Pay Rock Bottom Tax rates. Sometimes zero. Whats worse is its all perfectly legal. The details may not have been a surprise to those who file taxes, but there is still a Gut Punch to read it on a page. Days later, another new report described a second big tax ripoff. In this case, from the people who bought you the carried Interest Loophole. There is carried interest on steroids. Wealthy investment managers and their lawyers seem to turn even more of their Wage Income into tax preferred capital gains using legal documents that essentially said presto change
Financial sector. Last tuesday americans woke up to what is a largest as i said at the time, the committee takes the confidentiality of taxpayeR Data very seriously. And i expect that an appropriate investigation is under way. I want to thank treasury officials who held a briefing with the staff this week on the subject. The committee takes confidentiality seriously. I also take the issue of economic fairness very seriously. The information if the pro Publica Report depicts a Tax System in custom the wealthiest people in the Nation Pay Rock Bottom Tax rates. Sometimes zero. Whats worse is its all perfectly legal. The details may not have been a surprise to those who file taxes, but there is still a Gut Punch to read it on a page. Days later, another new report described a second big tax ripoff. In this case, from the people who bought you the carried Interest Loophole. There is carried interest on steroids. Wealthy investment managers and their lawyers seem to turn even more of their W