Yellen Meets With Top CEOs on Inflation Reduction and Ways They Can Help Turn the Tide

Mandatory Credit: Photo by Jose Luis Magana/AP/Shutterstock (12977292l)Treasury Secretary Janet Yellen arrives to testifies before the House Ways and Means Committee at a hearing on proposed fiscal year 2023 budget on Capitol Hill in WashingtonYellen Inflation, Washington, United States - 08 Jun 2022.
Jose Luis Magana/AP/Shutterstock / Jose Luis Magana/AP/Shutterstock

On Aug. 3, Treasury Secretary Janet Yellen met virtually with CEOs from a range of industries to discuss the Inflation Reduction Act, which was introduced on July 27.

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The attendees included Brian Niccol, chairman and CEO of Chipotle Mexican Grill; Brian Roberts, chairman and CEO, Comcast Corporation; Christopher Nassetta, president and CEO, Hilton; Evan Spiegel, CEO of Snap; Julie Sweet, chair and CEO of Accenture; Patrick Collison, co-founder and CEO of Stripe; Thasunda Brown Duckett, CEO of TIAA; and Maya MacGuineas, president, Committee for a Responsible Federal Budget, according to a Treasury Department press release.

Yellen told the CEOs the importance of passing the Inflation Reduction Act and reiterated its benefits, including the fact that it would ostensibly lower prescription drug and health care costs, invest in clean energy and reduce the federal deficit and inflationary pressures, “all without raising taxes on families earning less than $400,000 annually,” per the release.  

A summary of the bill indicates it aims to raise $739 billion in revenue, and investments are projected to total $433 billion — as well as represent a $300 billion deficit reduction, as GOBankingRates previously reported.

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Yellen and the business leaders also discussed the value of continued conversations between the White House and the private sector, in hopes of easing inflation by addressing constrained supply chains across the globe.

Yellen Addresses Soaring Food, Gas Prices

In addition, Yellen addressed the soaring food and gas prices, largely driven by the Russia-Ukraine war, and ways the administration is trying to minimize spillover effects on the U.S. economy — such as efforts to cap the price of Russian oil on global markets.

This latest effort follows an Aug. 2 letter Yellen issued to congressional leaders regarding the tax provisions included in the Inflation Reduction Act. The letter reiterated that the bill would either reduce (or have no effect on) the taxes due or paid by any family with an income of less than $400,000 per year.

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“The legislation would close tax loopholes by imposing a minimum tax on large corporations that ensures they pay a tax rate of at least 15% on the income reported to their shareholders for accounting purposes,” Yellen wrote in the letter. “This minimum tax will prevent corporations from reporting little or no income on their tax returns — and paying little tax — while at the same time reporting much higher income to their shareholders on their financial statements. This minimum tax applies exclusively to U.S.-owned corporations that report more than $1 billion in income and foreign-owned multinational corporations that report more than $100 million in income. It would have no effect on the tax liability of families with income below $400,000.”

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About the Author

Yaël Bizouati-Kennedy is a full-time financial journalist and has written for several publications, including Dow Jones, The Financial Times Group, Bloomberg and Business Insider. She also worked as a vice president/senior content writer for major NYC-based financial companies, including New York Life and MSCI. Yaël is now freelancing and most recently, she co-authored  the book “Blockchain for Medical Research: Accelerating Trust in Healthcare,” with Dr. Sean Manion. (CRC Press, April 2020) She holds two master’s degrees, including one in Journalism from New York University and one in Russian Studies from Université Toulouse-Jean Jaurès, France.
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