Treasury Secretary Janet Yellen told CNBC’s “Closing Bell” on Thursday that President Joe Biden “would probably phase in” his proposed tax increases “slowly over time.”

Yellen said that the tax hikes would likely come as part of a larger package of legislation sometime in 2021, which would “involve spending and investments over a number of years” on areas like education and infrastructure, according to the financial network.

Join BJL on WhatsApp Status: Click here to Join BJL status for engagements, births, deals, levayos, events & more

Join BJL on WhatsApp Groups: Click here to Join an official BJL WhatsApp group for breaking news as it happens

“And probably tax increases to pay for at least part of it that would probably phase in slowly over time,” she added.

Biden campaigned on raising the corporate tax rate up to 28%, which would still leave it below the 35% rate that it was at before the Republican tax bill in 2017 reduced the corporate tax rate to 21%.

Read more at NEWSMAX.