Secretary of the Treasury Janet L. Yellen addressed the Committee on Ways & Means of the U.S. House of Representatives, highlighting the significant strides made in the economic landscape under the Biden Administration. Yellen expressed gratitude for the opportunity to testify and stated, "The Biden Administration has driven a historic economic recovery over the past three years."
Yellen emphasized the administration's focus on reducing household expenses and enhancing economic opportunities, stating, "President Biden and I are taking additional actions to bring down the costs of key household expenses like energy, prescription drugs, and housing."
Regarding tax evasion and revenue enhancement, Yellen pointed out the effectiveness of IRS modernization in combating tax evasion by the wealthiest Americans, noting that it has saved the country over $150 billion annually. She stated, "The modernization of the Internal Revenue Service... has enabled us to combat tax evasion by the wealthiest Americans that costs our country over $150 billion a year."
Yellen outlined key proposals in the President's Budget aimed at strengthening the economy, reducing the deficit, and supporting working families. She mentioned, "The President’s Budget proposes additional investments to lower costs for workers and families and strengthen our economy while reducing the deficit."
Furthermore, Yellen detailed the administration's plans to make strategic investments while decreasing the deficit through a mix of savings and tax initiatives. She explained, "We can make these investments while reducing the deficit by $3 trillion over a decade through a combination of smart savings and tax proposals."
In conclusion, Secretary Yellen highlighted the administration's commitment to addressing immediate family expenses and fortifying the nation's economic resilience for the future. She expressed readiness to engage with questions from the committee members, showcasing transparency and accountability in the administration's economic policies.
