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ICYMI: Treasury Secretary Janet Yellen Says Inflation Reduction Act Won't Raise Taxes for Families Earning Less Than $400,000 a Year

August 02, 2022

"The legislation would either reduce or have no effect on the taxes due or paid by any family with income less than $400,000," wrote Treasury Secretary, Janet Yellen, Tuesday in a letter to House Speaker Nancy Pelosi obtained by Bloomberg News.

"In fact, the clean energy tax credits and the expanded premium tax credit will cut taxes for millions of Americans."

These comments came after Yellen reviewed each of the legislation's major components and found the tax changes would only affect "large corporations and investment professionals making $400,000 or more per year." [Bloomberg News, 8/2/2022]

Joseph R. Biden, ICYMI: Treasury Secretary Janet Yellen Says Inflation Reduction Act Won't Raise Taxes for Families Earning Less Than $400,000 a Year Online by Gerhard Peters and John T. Woolley, The American Presidency Project https://www.presidency.ucsb.edu/node/357157

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