Janet Yellen says wealth tax unlikely in tax plan

Treasury Secretary Janet Yellen said that a wealth tax was not likely to be a part of the mix as the Biden administration explores options for revamping the tax code.

"A wealth tax has been discussed, but it's not something that President Biden has come out in favor of," Yellen said at a New York Times conference. "I think it's something that has very difficult implementation problems."

Liberal lawmakers such as Sens. Bernie Sanders and Elizabeth Warren backed wealth taxes on the 2020 presidential campaign trail to pay for ambitious healthcare proposals. Earlier this month, Warren's office said that the Massachusetts senator intends to introduce legislation for a wealth tax.