US Treasury Sec. Yellen: Uncollected taxes amount to $7 trillion over a decade

US Treasury Secretary Janet Yellen said on Tuesday that President Joe Biden is addressing long-standing problems with the US economy, as reported by Reuters.

Additional takeaways

"We have gone way too long allowing long-term problems to fester."

"While Biden's family and jobs plans have high price tags, they are spread out over years."

"It will not all be deficit spending."

"It's shocking and distressing to see a $7 trillion/decade gap in what people are paying in taxes and what they should be paying."

"Uncollected taxes amount to $7 trillion over a decade."

"Reallocation may result in some small increases in interest rates."

Market reaction

These comments don't seem to be having a significant impact on market sentiment. As of writing, the S&P 500 Index was down 1.15% on the day at 4,145.