SWFI
Posted on 09/29/2021
On September 28, 2021, Federal Reserve Chairman Jerome Powell and U.S. Treasury Secretary Janet Yellen testified on the coronavirus and CARES Act before the U.S. Senate Banking, Housing and Urban Affairs Committee.
Here is the transcript: Yellen replies, “Senator Shelby, I do support eliminating stepped up basis. The reason is that a very large share of the income of wealthy individuals is simply never. Taxed individuals hold onto these assets during their lifetime, that income is never taxed. And we know that for some of the wealthiest individuals in the country, they pay very low taxes overall because most of their income takes the form of unrealized capital gains…