House Republicans slammed the Biden administration’s tax proposals in a hearing with Treasury Secretary Janet L. Yellen on Friday, giving the president’s latest budget request an icy reception.
GOP Ways and Means Committee members rejected proposals to again boost IRS funding and raise taxes on companies and households making over $400,000 per year, including expanding a tax on pass-through business income, scrapping tax benefits for oil and gas, and increasing taxes on companies’ foreign earnings.
Republicans seized the chance to press Yellen on the Treasury-led negotiations for setting a global minimum tax on multinational companies’ earnings.
