Treasury: Administration’s FY2022 Budget Tax Proposals Will Promote Shared Growth and Prosperity

US Department of the Treasury

WASHINGTON, D.C. — Secretary of the Treasury Janet L. Yellen released the following statement:

“[President Biden recently released] his first Budget which makes historic investments that will help the nation recover from the pandemic and lay the foundation for shared growth and prosperity for the future. The FY2022 Budget proposes essential investments to prioritize infrastructure, clean energy, and research and development, providing a strong foundation for American job creation.

“Under President Biden, America has started to recover from the pandemic. The economy is growing and creating jobs, unemployment claims have dropped, schools are reopening, and more than half of American adults are fully vaccinated. The proposed Budget includes proposals like the American Jobs Plan and the American Families Plan that will move the country past where it was pre-pandemic and rebuild a new American economy that invests in the potential of every American and makes it easier for families to enter and stay in the middle class.

“The Budget provides a fiscally responsible path for delivering a stronger, more prosperous economy. New public investments are coupled with additional revenue measures that ask the highest-income Americans and large corporations to pay their fair share and that make our tax system more efficient and equitable. The measures do not increase taxes on anyone making less than $400,000.  Under the Budget’s proposals, the real cost of Federal debt payments will remain well below historical levels throughout the coming decade.”

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