Finance

Portman & Yellen Talk Tax Reforms at Finance Hearing

During the recent Senate Finance Committee hearing, Portman talked about the Tax Cuts and Jobs Act with Secretary Yellen.

The recent Senate Finance Committee saw Portman addressing the claims of Committee Democrats regarding the TCJA (Tax Cuts and Jobs Act.) Senator Portman highlighted the overwhelming positives and wide-ranging effect of the legislation.

Portman questioned Janet Yellen (Secretary of the Treasury), keeping the topic related to the economic effects caused by the bill. More specifically, Portman stated how the Tax Cuts and Jobs Act redefined the competitiveness among the US organizations. It even brought jobs and businesses back to the US while benefiting the working class and minority.

Portman initiated the conversation by thanking Secretary Yellen to join the session. He continued the session by asking about the tax bill implemented in 2018 and how it helped the economy even in 2021. He further added that the stated period had a minimal poverty rate, even compared to the 50s.

Dr. Yellen agreed to the statement stating that the period showcased decent economic performance. However, the growth was a continuation of trends that took place before the period. Portman countered the statement by saying that the 19 months witnessed a 3% gain in the wages sector on a yearly basis. Dr. Yellen did not counter the statement and stated that the wage gains were good, especially at the lower end of the income spectrum.

Portman noted the point and further continued to prove his point regarding the unemployment rate. Secretary Yellen agreed to the statement that the unemployment rate was at its 50-year-low. The rate was the lowest in history for Blacks, Hispanics, and other marginalized groups. Dr. Yellen again agreed but stood firm on her statement that the trends mostly garnered the growth before that.

Senator Portman and Secretary Yellen recently shared their thoughts on the TCJA. The conversation went back and forth, with both parties stating their points. There was no definite conclusion to the discussion, with both of them staying true to their beliefs.

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