Treasury chief Yellen defends Biden budget against Republican senators' fears of tax increases
WASHINGTON — Treasury Secretary Janet Yellen on Thursday defended President Joe Biden's 2025 fiscal budget proposal as Republican senators said they feared taxes would rise for the middle class as the result of a law due to expire next year. "For years, President Biden has vowed no tax increase on individuals earning less than $400,000," Sen. Steve Daines, R-Mont., said during a Senate Finance Committee hearing where Yellen was testifying. "And now President Biden is choosing to let the Tax Cuts and Jobs Act expire and increase the corporate tax rate, forcing American families and workers to bear the cost of these 'woke' policies," Daines said, referencing clean energy policies under the 2022 Inflation Red