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
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
Called to order. Members will be recognized in Order Seniority as members not present at the time the hearing called to order will then be recognized. Finally, the House Requirement remiedged you that we have set up Email Address to which to sending anything they wish to submit in writing at any of our hearings or markups. That he Mail Address has been provided in advance to your staff. Make sure your video is turned on at this time. Well, good Morning And Welcome to todays hearing. This morning we are honored to have Secretary Tom Vilsack to discuss his vision for usda during has second tour at the department. Thank you for answering President Biden call to return to service after having been the longest serving member of president obamas cabinet. You are the first Cabinet Secretary to testify before the house Appropriations Committee this year. And we really appreciate your taking time to be with us today even while youre still settling in and working on your long to do list. We look
May mute the my microphone for purpose of eliminating inadvertent Background Noise members are responsible for muting an unmuting themselves. If i notice that youve not unmuted yourself i will ask you if you would like the staff to unmute you. If you indicate by approval by nodding, then staff will unmute your microphone. I remind all members witnesses that the five Minute Clock still applies. If theres a technology issue, we will move to the next member until the issue is resolved and you will retain the balance of your time. You will notice a clock on the screen that will show how much time is remaining. At one minute remaning the clock will turn yellow. At 30 seconds remaining gavel to remind members that the tile is almost expired. When your time has expired the clock will turn red and i will begin to recognize the next member. In terms of speaking order, we will follow the order set forth in the house rules. Beginning with the chair and Ranking Member, then alternating between maj