Yellen on taxes: Wants to reverse offshore incentives in the 2017 Trump tax cuts, S&P 500 ticks down

Janet Yellen, nominee for Treasury Secretary has said that she wants to reverse some of the incentives to offshoring made available in the tax bill passed by President Donald Trump in 2017. She has expressed interest in bringing taxes back homes and also making US companies competitive on the global stage. 

The S&P 500 is trading above 3,780, but off the highs as Yellen hints at tax changes. 

Yellen has also stated that President-elect Joe Biden is interested in incentivizing electric cars, including infrastructure. The former Federal Reserve Chair has added that climate change is a critical problem.