diff --git a/src/components/Tag/Tag.module.css b/src/components/Tag/Tag.module.css
index 1cc07989b..7b8def48f 100644
--- a/src/components/Tag/Tag.module.css
+++ b/src/components/Tag/Tag.module.css
@@ -41,8 +41,6 @@
   overflow: hidden;
   text-overflow: ellipsis;
   white-space: nowrap;
-
-  font: var(--eds-theme-typography-tag);
 }
 
 /**
@@ -72,12 +70,6 @@
   --tag-outline-color: var(--eds-theme-color-border-utility-warning-default);
 }
 
-:where(.tag--yield) {
-  --tag-primary-color: var(--eds-theme-color-text-grade-revise);
-  --tag-secondary-color: var(--eds-theme-color-background-grade-revise-subtle);
-  --tag-outline-color: var(--eds-theme-color-border-grade-revise-default);
-}
-
 :where(.tag--brand) {
   --tag-primary-color: var(--eds-theme-color-text-brand-default);
   --tag-secondary-color: var(--eds-theme-color-background-brand-primary-default);
diff --git a/src/components/Tag/Tag.stories.tsx b/src/components/Tag/Tag.stories.tsx
index e6ad63d05..9c7f31db9 100644
--- a/src/components/Tag/Tag.stories.tsx
+++ b/src/components/Tag/Tag.stories.tsx
@@ -1,11 +1,8 @@
 import type { StoryObj, Meta } from '@storybook/react';
 import React from 'react';
 import { Tag, VARIANTS } from './Tag';
-import Icon from '../Icon';
 import styles from './Tag.stories.module.css';
 
-const supportedVariants = VARIANTS.filter((variant) => variant !== 'yield');
-
 export default {
   title: 'Components/Tag',
   component: Tag,
@@ -37,7 +34,7 @@ export const Default: Story = {};
 export const Variants: Story = {
   render: (args) => (
     <div className={styles.tagList}>
-      {supportedVariants.map((variant) => {
+      {VARIANTS.map((variant) => {
         return (
           <Tag
             data-testid="test"
@@ -58,7 +55,7 @@ export const Variants: Story = {
 export const OutlineVariants: Story = {
   render: (args) => (
     <div className={styles.tagList}>
-      {supportedVariants.map((variant) => {
+      {VARIANTS.map((variant) => {
         return (
           <Tag
             key={variant}
@@ -79,11 +76,11 @@ export const OutlineVariants: Story = {
 export const WithIcon: Story = {
   ...Default,
   args: {
-    icon: <Icon name="favorite" purpose="decorative" />,
+    icon: 'favorite',
   },
   render: (args) => (
     <div className={styles.tagList}>
-      {supportedVariants.map((variant) => {
+      {VARIANTS.map((variant) => {
         return (
           <Tag
             key={variant}
@@ -105,11 +102,11 @@ export const WithLongTextAndIcon: Story = {
   ...Default,
   args: {
     text: 'This tag has a really long text message',
-    icon: <Icon name="star" purpose="decorative" />,
+    icon: 'star',
   },
   render: (args) => (
     <div className={styles.tagList}>
-      {supportedVariants.map((variant) => {
+      {VARIANTS.map((variant) => {
         return <Tag key={variant} {...args} hasOutline variant={variant} />;
       })}
     </div>
diff --git a/src/components/Tag/Tag.tsx b/src/components/Tag/Tag.tsx
index 7edee16da..17b5fae01 100644
--- a/src/components/Tag/Tag.tsx
+++ b/src/components/Tag/Tag.tsx
@@ -1,6 +1,9 @@
 import clsx from 'clsx';
 import React from 'react';
+import type { IconName } from '../Icon';
+import Icon from '../Icon';
 import Text from '../Text';
+
 import styles from './Tag.module.css';
 
 export const VARIANTS = [
@@ -8,8 +11,6 @@ export const VARIANTS = [
   'error',
   'success',
   'warning',
-  /** @deprecated */
-  'yield',
   'brand',
 ] as const;
 
@@ -19,8 +20,6 @@ type Props = {
   /**
    * The color variant of the tag. It will update the content colors, background color, and border (when `hasOutline` is set to `true`).
    *
-   * **NOTE**: `yield` variant is deprecated and will be removed in a future release.
-   *
    * **Default is `"neutral"`**.
    */
   variant?: Variant;
@@ -29,9 +28,9 @@ type Props = {
    */
   className?: string;
   /**
-   * The tag icon
+   * Icon name from the defined set of EDS icons
    */
-  icon?: React.ReactNode;
+  icon?: IconName;
   /**
    * The text contents of the tag, nested inside the component, in addition to the icon.
    */
@@ -55,7 +54,6 @@ export const Tag = ({
   icon,
   text,
   hasOutline = false,
-  ...other
 }: Props) => {
   const componentClassName = clsx(
     styles['tag'],
@@ -64,17 +62,9 @@ export const Tag = ({
     className,
   );
 
-  // TODO: Text component is receiving the tag styles directly, instead of using a wrapper. De-couple
-  // and remove deprecated usages
   return (
-    <Text
-      as="span"
-      className={componentClassName}
-      size="sm"
-      weight="bold"
-      {...other}
-    >
-      {icon}
+    <Text as="span" className={componentClassName} preset="tag">
+      {icon && <Icon name={icon} purpose="decorative" />}
       {text && <span className={styles['tag__body']}>{text}</span>}
     </Text>
   );
diff --git a/src/components/Tag/__snapshots__/Tag.test.ts.snap b/src/components/Tag/__snapshots__/Tag.test.ts.snap
index cd8010d5d..cd16ca3c6 100644
--- a/src/components/Tag/__snapshots__/Tag.test.ts.snap
+++ b/src/components/Tag/__snapshots__/Tag.test.ts.snap
@@ -2,7 +2,7 @@
 
 exports[`<Tag /> Default story renders snapshot 1`] = `
 <span
-  class="text text--sm text--bold-weight tag tag--neutral"
+  class="text text--tag tag tag--neutral"
 >
   <span
     class="tag__body"
@@ -17,7 +17,7 @@ exports[`<Tag /> OutlineVariants story renders snapshot 1`] = `
   class="tagList"
 >
   <span
-    class="text text--sm text--bold-weight tag tag--neutral tag--outline"
+    class="text text--tag tag tag--neutral tag--outline"
   >
     <span
       class="tag__body"
@@ -26,7 +26,7 @@ exports[`<Tag /> OutlineVariants story renders snapshot 1`] = `
     </span>
   </span>
   <span
-    class="text text--sm text--bold-weight tag tag--error tag--outline"
+    class="text text--tag tag tag--error tag--outline"
   >
     <span
       class="tag__body"
@@ -35,7 +35,7 @@ exports[`<Tag /> OutlineVariants story renders snapshot 1`] = `
     </span>
   </span>
   <span
-    class="text text--sm text--bold-weight tag tag--success tag--outline"
+    class="text text--tag tag tag--success tag--outline"
   >
     <span
       class="tag__body"
@@ -44,7 +44,7 @@ exports[`<Tag /> OutlineVariants story renders snapshot 1`] = `
     </span>
   </span>
   <span
-    class="text text--sm text--bold-weight tag tag--warning tag--outline"
+    class="text text--tag tag tag--warning tag--outline"
   >
     <span
       class="tag__body"
@@ -53,7 +53,7 @@ exports[`<Tag /> OutlineVariants story renders snapshot 1`] = `
     </span>
   </span>
   <span
-    class="text text--sm text--bold-weight tag tag--brand tag--outline"
+    class="text text--tag tag tag--brand tag--outline"
   >
     <span
       class="tag__body"
@@ -69,8 +69,7 @@ exports[`<Tag /> Variants story renders snapshot 1`] = `
   class="tagList"
 >
   <span
-    class="text text--sm text--bold-weight tag tag--neutral"
-    data-testid="test"
+    class="text text--tag tag tag--neutral"
   >
     <span
       class="tag__body"
@@ -79,8 +78,7 @@ exports[`<Tag /> Variants story renders snapshot 1`] = `
     </span>
   </span>
   <span
-    class="text text--sm text--bold-weight tag tag--error"
-    data-testid="test"
+    class="text text--tag tag tag--error"
   >
     <span
       class="tag__body"
@@ -89,8 +87,7 @@ exports[`<Tag /> Variants story renders snapshot 1`] = `
     </span>
   </span>
   <span
-    class="text text--sm text--bold-weight tag tag--success"
-    data-testid="test"
+    class="text text--tag tag tag--success"
   >
     <span
       class="tag__body"
@@ -99,8 +96,7 @@ exports[`<Tag /> Variants story renders snapshot 1`] = `
     </span>
   </span>
   <span
-    class="text text--sm text--bold-weight tag tag--warning"
-    data-testid="test"
+    class="text text--tag tag tag--warning"
   >
     <span
       class="tag__body"
@@ -109,8 +105,7 @@ exports[`<Tag /> Variants story renders snapshot 1`] = `
     </span>
   </span>
   <span
-    class="text text--sm text--bold-weight tag tag--brand"
-    data-testid="test"
+    class="text text--tag tag tag--brand"
   >
     <span
       class="tag__body"
@@ -126,7 +121,7 @@ exports[`<Tag /> WithIcon story renders snapshot 1`] = `
   class="tagList"
 >
   <span
-    class="text text--sm text--bold-weight tag tag--neutral tag--outline"
+    class="text text--tag tag tag--neutral tag--outline"
   >
     <svg
       aria-hidden="true"
@@ -146,7 +141,7 @@ exports[`<Tag /> WithIcon story renders snapshot 1`] = `
     </span>
   </span>
   <span
-    class="text text--sm text--bold-weight tag tag--error tag--outline"
+    class="text text--tag tag tag--error tag--outline"
   >
     <svg
       aria-hidden="true"
@@ -166,7 +161,7 @@ exports[`<Tag /> WithIcon story renders snapshot 1`] = `
     </span>
   </span>
   <span
-    class="text text--sm text--bold-weight tag tag--success tag--outline"
+    class="text text--tag tag tag--success tag--outline"
   >
     <svg
       aria-hidden="true"
@@ -186,7 +181,7 @@ exports[`<Tag /> WithIcon story renders snapshot 1`] = `
     </span>
   </span>
   <span
-    class="text text--sm text--bold-weight tag tag--warning tag--outline"
+    class="text text--tag tag tag--warning tag--outline"
   >
     <svg
       aria-hidden="true"
@@ -206,7 +201,7 @@ exports[`<Tag /> WithIcon story renders snapshot 1`] = `
     </span>
   </span>
   <span
-    class="text text--sm text--bold-weight tag tag--brand tag--outline"
+    class="text text--tag tag tag--brand tag--outline"
   >
     <svg
       aria-hidden="true"
@@ -233,7 +228,7 @@ exports[`<Tag /> WithLongTextAndIcon story renders snapshot 1`] = `
   class="tagList"
 >
   <span
-    class="text text--sm text--bold-weight tag tag--neutral tag--outline"
+    class="text text--tag tag tag--neutral tag--outline"
   >
     <svg
       aria-hidden="true"
@@ -253,7 +248,7 @@ exports[`<Tag /> WithLongTextAndIcon story renders snapshot 1`] = `
     </span>
   </span>
   <span
-    class="text text--sm text--bold-weight tag tag--error tag--outline"
+    class="text text--tag tag tag--error tag--outline"
   >
     <svg
       aria-hidden="true"
@@ -273,7 +268,7 @@ exports[`<Tag /> WithLongTextAndIcon story renders snapshot 1`] = `
     </span>
   </span>
   <span
-    class="text text--sm text--bold-weight tag tag--success tag--outline"
+    class="text text--tag tag tag--success tag--outline"
   >
     <svg
       aria-hidden="true"
@@ -293,7 +288,7 @@ exports[`<Tag /> WithLongTextAndIcon story renders snapshot 1`] = `
     </span>
   </span>
   <span
-    class="text text--sm text--bold-weight tag tag--warning tag--outline"
+    class="text text--tag tag tag--warning tag--outline"
   >
     <svg
       aria-hidden="true"
@@ -313,7 +308,7 @@ exports[`<Tag /> WithLongTextAndIcon story renders snapshot 1`] = `
     </span>
   </span>
   <span
-    class="text text--sm text--bold-weight tag tag--brand tag--outline"
+    class="text text--tag tag tag--brand tag--outline"
   >
     <svg
       aria-hidden="true"