United States Secretary of the Treasury Janet Yellen has indicated that she will not introduce a wealth tax and is instead looking for other potential measures. In an interview with The New York Times, Yellen said she wasn’t planning a wealth tax like the one Senator Elizabeth Warren proposed as it’s “something that has very difficult implementation problems.”

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She added that “a wealth tax has been discussed,” but it’s not favoured by President Joe Biden.

Notably, Warren and Senator Bernie Sanders, both called for a wealth tax during their presidential run. According to Warren, her “Ultra-Millionaire Tax” could levy an annual 2% tax on households with net worth between $50 million and $1 billion. While households with net worth more than $1 billion could see a 3% annual tax.

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The New York Times reported that Yellen is looking to end one tax rule as Biden plans to increase the capital gains tax. 

According to a report by Bloomberg, Yellen also said the Biden administration is looking to raise the corporate tax from 21% to 28%, which has long been a part of Biden’s tax plan.

Yellen also addressed financial-transactions tax, a proposed measure by Sanders. She said, “It could deter speculation but it might also have negative impacts.”