Guest views are now limited to 12 pages. If you get an "Error" message, just sign in! If you need to create an account, click here.

Jump to content
  • CRYPTO REWARDS!

    Full endorsement on this opportunity - but it's limited, so get in while you can!

Democratic Senators Pressure Biden To Cut Some Taxes For Rich People In Infrastructure Bill


Recommended Posts

Infrastructure Week may finally be looming on the horizon.  :o
 
 
Axios

Democratic senators pressure Biden to cut some taxes for rich people in infrastructure bill

1329c681ab60036f7656a27298eccfd2
 
Hans Nichols
Mon, March 15, 2021, 8:51 PM
 
 

Blue-state lawmakers are pressuring President Biden to cut some taxes — while he raises others — in the horse-trading for his next big package.

Why it matters: The cold math suggests Biden will be forced to sacrifice the size of his infrastructure ambitions or embrace even more deficit spending — and convince Congress to go along.

Stay on top of the latest market trends and economic insights with Axios Markets. Subscribe for free

Driving the news: Democrats, including Senate Majority Leader Chuck Schumer (D-N.Y.), are pressing the White House to repeal the $10,000 limit for deducting state and local taxes — the so-called SALT cap — from their federal tax bill.

  • Removing the limit — imposed by President Trump's 2017 tax reforms — would cost about $88.7 billion a year, according to the Joint Committee on Taxation.

  • Repealing the cap is deeply unpopular with progressives, who argue doing so would favor the rich.

  • But many voters in high-tax (and Democratic) states — like New York, New Jersey, Connecticut, Maryland and California — hate the limit. The provision is scheduled to expire at the end of 2026.

 

The big picture: The White House has been reluctant to put a price tag on its infrastructure plans, but Democrats close to the administration say it will likely be $1 trillion to $2 trillion.

  • Some Democrats, including Sen. Joe Manchin (D-W.Va.), are demanding the president find new revenue to pay for at least part of the package.

  • Biden himself has never been crystal clear about what new spending needed to be offset with new taxes, and gave himself an out during the 2020 campaign by maintaining "one-time" spending didn't require tax increases.

  • He never defined what that means and essentially stopped talking about it after he secured the nomination.

  • He also didn’t include it in any of his “Build Back Better” tax and infrastructure proposal.

Go deeper: During the campaign, Biden proposed policies that would raise about $3 trillion in new revenue, according to the Penn Wharton Budget Model.

  • But Democrats close to the White House think new revenue will probably be a total of less than $1 trillion, with the easiest changes on the corporate, capital gains and personal side.

By the numbers: Manchin told Axios he would support the corporate tax rate increasing from 21% to 25%, which could yield $400 billion to $500 billion in new revenue over 10 years.

  • Returning the top personal rate to the pre-Trump 39.6% would bring in another $153 billion.

  • Taxing capital gains as ordinary income — which would eliminate the so-called “carried interest” loophole for private equity — adds another $178 billion.

The bottom line: The amount of new revenue Biden could raise night not exceed the amount of lost revenue from a full repeal of the SALT cap.

 

https://www.yahoo.com/news/democratic-senators-pressure-biden-cut-005109199.html

 

GO RV, then BV

Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
  • Recently Browsing   0 members

    No registered users viewing this page.



  • Similar Content

    • By Shabibilicious
      Bipartisan group of senators reaches agreement on infrastructure proposal
        Axios Thu, June 10, 2021, 6:37 PM     A bipartisan group of 10 senators said Thursday they reached an agreement on an infrastructure spending framework they hope to sell to congressional leaders and the White House.
      Why it matters: The announcement comes just days after negotiations officially broke down between President Biden and a group of Republicans led by Sen. Shelley Moore Capito (R-W.Va.).
       
      What they're saying: The latest agreement is a “realistic, compromise framework to modernize our nation’s infrastructure and energy technologies,” the statement released by Sen. Kyrsten Sinema (D-Ariz.) said.
      "This investment would be fully paid for and not include tax increases,” the senators added.
      “We are discussing our approach with our respective colleagues, and the White House, and remain optimistic that this can lay the groundwork to garner broad support from both parties and meet America’s infrastructure needs."
      The group consists of Sens. Bill Cassidy (R-La.), Susan Collins (R-Maine), Joe Manchin (D-W.Va.), Lisa Murkowski (R-Alaska), Rob Portman (R-Ohio), Mitt Romney (R-Utah), Jeanne Shaheen (D-N.H.), Kyrsten Sinema (D-Ariz.), Jon Tester (D-Mont.), and Mark Warner (D-Va.).
        Details: The group did not release any specific details about the plan, but multiple reports said the framework is focused on traditional infrastructure and includes $579 billion in new spending over five years. The plan would cost $974 billion over five years and $1.2 trillion over eight years, per the Washington Post.
      The big picture: The senators still must win over congressional leaders and the Biden administration.
      Senate Minority Leader Mitch McConnell, who was briefed on the plan on Wednesday, said he was "open" to it, Romney told reporters Thursday, per CNBC.
      "It is unclear now if the package will be comprehensive enough to appease Senate Majority Leader Chuck Schumer, D-N.Y., House Speaker Nancy Pelosi, D-Calif., and Biden," CNBC notes.
       
      https://www.yahoo.com/news/bipartisan-group-senators-reaches-agreement-223729408.html
       
      GO RV, then BV
    • By Shabibilicious
      GOP Sens. Graham and Sasse praise Biden's purchase of 500M Pfizer vaccines to share globally
        Ivana Saric Thu, June 10, 2021, 4:01 PM     Sens. Lindsey Graham (R-S.C.) and Ben Sasse (R-Neb.) on Thursday praised the Biden administration's decision to purchase 500 million doses of the Pfizer coronavirus vaccine to share with countries around the world, calling the decision the "right move."
      The big picture: Their statements represent a rare moment of praise of Biden by Republicans.
       
      Sasse has advocated for the U.S. to distribute 1 billion vaccines worldwide by Thanksgiving, and in a previous statement called the Biden administration's global vaccination plans "timid."
      What they're saying: “Health diplomacy is a smart investment and buying these vaccines is the right move. America should have an aggressive strategy to vaccinate a billion people around the world this year," Sasse said in a statement.
      "America should administer these vaccines directly in order to counter the Chinese Communist Party's strategy of using the pandemic to gain the upper hand."
      "We should move quickly to share these life-saving shots with friends in Asia and across the developing world with a simple message: Uncle Sam, not Chairman Xi, cares about your health.”
        Graham said in a statement that the "roughly $3.5 billion required to purchase and distribute 500 million doses of vaccine will help prevent a reemergence of the COVID-19 virus which makes America and the world safer."
      “I support the effort of the Biden Administration to donate vaccines to at-risk populations throughout the world and hope other countries will follow America’s lead. I believe this to be a good investment by the American taxpayer.
      “Again, I do hope other nations will contribute their fair share. The sooner we have vaccines available to the world, the better," Graham added.
      Editor's note: This story has been updated with Graham's statement.
       
      https://www.yahoo.com/news/gop-sen-ben-sasse-praises-185628862.html
       
      GO RV, then BV
    • By Shabibilicious
      Senate confirms Biden's first judicial nominee as Schumer vows to restore "balance" to courts
      Orion Rummler Tue, June 8, 2021, 12:18 PM     The Senate voted 66-33 on Tuesday to confirm Julien Xavier Neals to be U.S. District Judge for the District of New Jersey.
      Why it matters: Neals is President Biden's first judicial nominee to be confirmed, as Democrats begin a push to "restore the balance" of the courts after the GOP-led Senate confirmed a record number of conservative judges under former President Trump.
       
      Trump's aggressive judicial appointments were his most lasting, substantive legacy, as he appointed more than 200 judges to the federal bench — including three Supreme Court justices — in just one term.
      Senate Majority Leader Chuck Schumer (D-N.Y.) pledged that Senate Democrats would bring "balance, experience and diversity back to the judiciary" with Biden's nominees.
        Background: Neals was previously nominated to serve on the district court by former President Obama in 2015, but his nomination expired after then-Majority Leader Mitch McConnell (R-Ky.) declined to bring it for a vote.
      What to watch: There are currently 71 district court vacancies and nine appeals court vacancies, according to the Administrative Office of the U.S. Courts. Liberal activists have pushed for 82-year-old Justice Stephen Breyer to retire while Democrats still have control of the Senate.
       
      https://news.yahoo.com/senate-confirms-bidens-first-judicial-161806527.html
       
      GO RV, then BV
    • By Shabibilicious
      Former Trump White House counsel Don McGahn agrees to House panel interview on Russia report
      Rebecca Falconer Wed, May 12, 2021, 11:17 PM     Former White House counsel Don McGahn agreed Wednesday to speak with the House Judiciary Committee about former President Trump's alleged attempts to obstruct the Russia investigation — with certain conditions, per a court filing.
      Why it matters: The agreement ends a two-year standoff after McGahn, a key player in former special counsel Robert Mueller's investigation, repeatedly refused to agree to a subpoena for testimony — resulting in the matter being taken to court.
       
          Of note: One of the conditions is that the committee conducts a "transcribed interview" to happen behind closed doors, rather than calling for McGhan to testify at a public hearing, according to the filing.
      The big picture: The Judiciary committee and the Biden administration announced Tuesday they had "reached an agreement in principle" in the case of McGhan.
      The Mueller report found no evidence of a Trump campaign conspiracy with Russia, but his team compiled 10 different episodes where the former president may have potentially committed obstruction of justice. Trump was never charged over the matter.
      The Judiciary committee stressed in its Tuesday court filing that Trump isn't a party to the McGahn case and is "not a party to the agreement."
      What they're saying: Judiciary Committee Chair Jerry Nadler (D-N.Y.) said in a statement Wednesday, "When the former President vowed to fight 'all of the subpoenas' aimed at his Administration, he began a dangerous campaign of unprecedented obstruction. We begin to bring that era of obstruction to an end today."
      The other side: Representatives for Trump did not immediately return Axios' request for comment. But his spokesperson Jason Miller said Tuesday that the former president hadn't agreed to the deal and he was reviewing his options as he regarded communications with close advisers as confidential, per Politico.
       
      https://news.yahoo.com/don-mcgahn-agrees-house-panel-013949547.html
       
      GO RV, then BV
    • By Shabibilicious
      Merrick Garland rapidly erasing Trump effect at Justice Department
        Zachary Basu Fri, April 30, 2021, 5:30 AM     Attorney General Merrick Garland is quickly negating the Trump administration’s law enforcement legacy, dismaying conservatives with a burst of aggressive reversals and new policies.
      Why it matters: As a former prosecutor and respected federal judge, Garland's devotion to the rule of law has always been core to his identity. That reputation has taken on new importance in his first 50 days on the job, after four years of allegations that Trump's DOJ was improperly politicized.
       
      Attorney General Bill Barr played a central role in the Trump administration's most high-profile controversies, from undermining the Russia investigation to intervening in the cases of indicted Trump associates to ordering the forcible clearing of protesters in Lafayette Square Park.
      DOJ's broad authority also overlaps with many of the issues at the top of President Biden's agenda, including restoring faith in government, promoting racial justice and police reform, and curbing gun violence.
        Driving the news: Liberal fears that the soft-spoken Garland might resist prosecuting Trump and his allies for the sake of unity were partially eased on Wednesday, when news broke that federal agents had raided the Manhattan home of Rudy Giuliani.
      The U.S. Attorney's Office for the Southern District of New York, which Giuliani once led, is known to be highly independent.
      But under Attorney General Bill Barr, the department repeatedly blocked SDNY prosecutors from executing a search warrant for Giuliani's electronic records in the final months of 2020, according to the New York Times.
      The Justice Department also announced on Wednesday that three Georgia men were charged with federal hate crimes in the shooting of Ahmaud Arbery, whose death was a rallying cry during last year's racial-justice protests.
      In Michigan, a superseding indictment was filed against five men accused of plotting last year to kidnap Gov. Gretchen Whitmer, with prosecutors referring to the alleged crimes as "domestic terrorism" for the first time.
      That shift comes amid new developments in the investigation of the Jan. 6 Capitol riot, which has been described as the most complex probe in DOJ history. Garland, who played a leading role in the prosecution of the 1995 Oklahoma City bombing, has vowed to make prosecuting the Capitol rioters his "first priority."
      Other major steps taken in Garland's first 50 days include:
      "Pattern or practice" investigations into the Minneapolis and Louisville police departments, following the deaths last year of George Floyd and Breonna Taylor.
      A 30-day "expedited review" into how DOJ can better prosecute and track hate crimes amid a surge in violence against Asian Americans.
      The revocation of a Trump-era policy that restricted federal funding for "sanctuary cities."
      Responsibility for five of the six executive actions on gun control ordered by Biden.
      What to watch: Garland's commitment to depoliticizing DOJ will undergo a key test when a charging decision is made in the case of Hunter Biden, whose finances are under investigation.
      Special counsel John Durham is also expected to submit a report concerning alleged abuses by Obama-era intelligence officials during the Russia investigation.
       
      https://news.yahoo.com/merrick-garland-rapidly-erasing-trump-093008298.html
       
      GO RV, then BV
  • Testing the Rocker Badge!

  • Live Exchange Rate

×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use.