Joe Biden began with a perfect plan for his domestic agenda: He would create popular new health-care, education, and child-care programs for broad swaths of the public and finance them by making the wealthy pay for it.
Perhaps most amazingly of all, even his plan to crack down on wealthy tax cheats is hanging on for dear life in Congress. Over the next decade, because of rampant tax cheating and lax enforcement, the federal government will collect roughly $7 trillion less in revenue than taxpayers owe. The Biden administration conservatively believes it can reduce that gap by about one-tenth, collecting an additional $700 billion.
Those banks have launched a fierce and apparently effective lobbying campaign. The arguments being used by the banks are borderline frivolous.
One way to think about the perversity of the opposition is to imagine Biden’s plan in reverse. Suppose the reporting requirement already existed. And then imagine the president wanted to eliminate it as part of a plan to help encourage poor people to use banks. Eliminating the requirement would cost barely half a trillion in revenue over a decade, so to pay for that change, the government would have to raise taxes on families or cut funds from community college or Medicare, etc.
jonathanchait Hmmm...I wonder why?
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Source: Forbes - 🏆 394. / 53 Read more »
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Facebook cracks down on German anti-COVID restrictions group over 'social harm'Facebook has removed a network of accounts linked to an anti-COVID restrictions movement in Germany as it announced a new crackdown on coordinated campaigns of real users that cause harm on and off its platforms. Those EU laws get results hey Facebook ?
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