Treasury Secretary Janet Yellen promoted the Biden administration’s key economic policies in Detroit on Thursday
"Taken together, the bipartisan infrastructure law, the Chips Act, and the Inflation Reduction Act authorized among the most significant investments our country has ever made," Yellen said."I believe firmly, they will help us achieve stable sustainable growth, and they'll move us toward a fairer and more resilient economy."Yellen attributed an economic turnaround during the pandemic to one of President Joe Biden's political priorities upon entering the White House.
Republicans have hammered Democrats for passing the legislation, saying the massive injection of government aid helped to fuel inflation.to enforce compliance of a 15% minimum tax on large corporations will help correct a two-tiered tax system"by ensuring that large corporations and high-income earners cannot avoid paying the taxes they owe," Yellen said.
The GOP also has targeted the tax increases included as part of the bill, which Democrats aim to use to pay for massive investments in mitigating climate change., a Biden-backed bipartisan law that makes a historic investment in domestic semiconductor manufacturing, will enable the U.S. to compete economically with China and other nations that have historically invested more in research and development, Yellen said.
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