Many investors wonder if the Federal Reserve can manage to tame inflation without sending the U.S. into recession. Perhaps they should worry more about continuing White House efforts to tempt Sen. Joe Manchin (D., W. Va.) into a tax increase. The President’s ambitions for increasing government revenue are not small.
Appearing before the Senate Finance Committee on Tuesday, Treasury Secretary Janet Yellen talked about President Joe Biden’s fiscal 2023 budget proposal and his plans to raise taxes on businesses and individuals. The goal, said Ms. Yellen, is to build “a fair and stable tax system.”