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Pelosi upbeat on Biden deal but Manchin pans billionaire tax

Asked if the proposed billionaire tax would withstand challenges in court, White House press sec. Jen Psaki says “we’re not going to support anything we don’t think is legal.”

10/27/2021 8:53:00 PM

Asked if the proposed billionaire tax would withstand challenges in court, White House press sec. Jen Psaki says “we’re not going to support anything we don’t think is legal.”

House Speaker Nancy Pelosi is telling colleagues that Democrats are in “pretty good shape” on President Joe Biden’s sweeping domestic policy plan and a related $1 trillion infrastructure bill

Democrats propose billionaires tax to help fund Biden's economic agendaABC News' Rachel Scott reports on the latest efforts from Democrats to help pay for the president’s nearly $2 trillion economic package.The Associated PressWASHINGTON -- House Speaker Nancy Pelosi told colleagues Wednesday that Democrats are in “pretty good shape” on President Joe Biden's sweeping domestic plan, but fresh problems emerged as a pivotal Democrat panned a new billionaires' tax to help pay for the $1.75 trillion package.

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Biden and Democrats are racing race to wrap up talks before the president departs this week for overseas global summits, in part to show foreign leaders the U.S. is getting things done under his still-new administration.Pelosi's upbeat comments on Biden's big proposal of social services and climate change programs, alongside a related $1 trillion infrastructure bill, provided fresh hopes for a deal to be announced Wednesday.

White House officials met at the Capitol with two key holdout Democrats, Sens. Joe Manchin of West Virginia and Kyrsten Sinema of Arizona.“Making progress,” Sinema said as she dashed into an elevator.But Manchin quickly hit the brakes — as he has done countless times before — now saying he doesn't like the idea of a billionaires' tax “targeting” the wealthy.

Still, Manchin said it's time to move forward on a framework for Biden's plan.“People in the stratosphere, rather than trying to penalize, we ought to be pleased that this country is able to produce the wealth,” Manchin told reporters ahead of the meeting.

Manchin said he prefers a minimum 15% flat “patriotic tax” to ensure the wealthiest Americans don't skip out on paying anytaxes. “There’s a patriotic duty that you should be paying something to this great country,” he said.Nevertheless, he said: “We need to move forward — the president has made that very clear — he wants to move forward and we owe it to the president to move forward."

The quickening pace of negotiations came as Senate Democrats pushed past skeptics Wednesday and unveiled the new billionaires’ tax proposal, designed to help pay for the package and edge his party closer to an overall agreement.Biden wants a deal in hand ahead of the global summits, and there's also a Sunday deadline to approve the smaller, bipartisan roads-and-bridges infrastructure bill or risk allowing funds for routine transportation programs to expire. But that $1 trillion bill has been held up by progressive lawmakers who are refusing to give their support without the bigger Biden deal.

Pelosi told colleagues she would communicate later in the day on developments, according to a person who requested anonymity to discuss the speaker’s private remarks at a meeting of House Democrats.Senate Majority Leader Chuck Schumer sounded a similar chord opening the chamber.

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“An agreement is within arm’s length,” said Schumer, D-N.Y. “We are hopeful that we can come to a framework agreement by the end of today.”Democrats had hoped the unveiling of the billionaires tax could help resolve the revenue side of the equation after Sinema rejected the party’s earlier idea of reversing Trump-era tax breaks on corporations and the wealthy.

The new proposal would tax the gains of those with more than $1 billion in assets or incomes of more than $100 million over three consecutive years.It would hit the wealthiest of Americans, fewer than 800 people, starting in the 2022 tax year, requiring them pay taxes on the gains of stocks and other tradeable assets, rather than waiting until holdings are sold.

A similar billionaires’ tax would be applied to non-tradeable assets, including real estate, but it would be deferred with the tax not assessed until the asset was sold, though interest would have to be paid.Overall, the billionaires’ tax rate would align with the capital gains rate, now 23.8%. Democrats have said it could raise $200 billion in revenue that could help fund Biden’s package over 10 years.

“No senator wants to stand up and say, ‘Gee, I think it’s just fine for billionaires to pay little or no taxes for years on end,’” said Democratic Sen. Ron Wyden of Oregon, chairman of the Senate Finance Committee, helming the new effort.Taken together, the new billionaires' proposal, coupled with a new 15% corporate minimum tax, are designed to fulfill Biden’s desire for the wealthy and big business to pay their “fair share.” They also fits his promise that no new taxes hit those earning less than $400,000 a year, or $450,000 for couples. Biden wants his package fully paid for without piling on debt.

“I’ve been talking about this for years,” said Sen. Elizabeth Warren, D-Mass., who campaigned for the presidency on a wealth tax, and backs Wyden’s approach. “I’ve even made billionaires cry over this.”Biden met late Tuesday evening with Sinema and Manchin at the White House and the three made progress on the plans, according to statement from a White House official.

While the new tax proposals had appeared agreeable to Manchin and could win over Sinema, whose support is needed in the 50-50 split Senate where Biden has no votes to spare, Republicans have derided the billionaires’ tax as “harebrained,” and some have suggested it would face a legal challenge.

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The idea of the billionaires’ tax has also run into criticism from other Democrats as cumbersome or worse.Democratic Rep. Richard Neal of Massachusetts, the chairman of the Ways and Means Committee, said he told Wyden the billionaires' tax may be more difficult to implement than the route his panel took in simply raising rates on corporations and the wealthy, undoing the 2017 tax cuts.

Under the House bill approved by Neal’s panel, the top individual income tax rate would rise from 37% to 39.6%, on those earning more than $400,000 a year, or $450,000 for couples. The corporate rate would increase from 21% to 26.5%. The bill also proposes a 3% surtax on the wealthiest Americans with adjusted income beyond $5 million a year.

Together, Manchin and Sinema's objections have packed a one-two punch, throwing Biden's overall plan into flux and halving what had been a $3.5 trillion package.That was also forcing difficult reductions, if not the outright elimination, of policy priorities — from paid family leave to child care to dental, vision and hearing aid benefits for seniors.

The once hefty climate change strategies are losing some punch, too, focusing away from punitive measures on polluters that raised objections from coal-state Manchin, in a shift toward instead rewarding clean energy incentives.Tempers are running short as Democratic colleagues tire of the repeated objections form Manchin and Sinema.

Said Sen. Bernie Sanders, the Vermont Independent: “You got 48 out of 50 people supporting an agenda that works for the American people.” Read more: ABC News »

The Tesla 'Cyberquad' ATV still isn't on sale, but a kid version is

As Elon Musk wrapped up his presentation of the Tesla Cybertruck back in November 2019, he had one more thing he still wanted to show off.

FJoeBiden fjb FJoeBiden LetsGoBrandon So disingenuous. The ruling political class opening up a new attack surface on the middle class. Never has this government shown restraint in moving down the income ladder. It starts with him, then it’s you…every single time. AMT, income tax (which is temporary lol), etc.

Does she actually believe half of the crap she spews out on a daily basis?! Stop spending on crap and leave us rich people alone. Besides we have ways of hiding our money, so you can’t get to it She Robin Hood Dilemma is unrealized gain is not income. Absolutely! A historical moment Discussing how she dodged the question but beautiful how she elegantly answered it.

The laws passed are what is important. Through the rich they can still invade middle class and lower class account information as the $600 inflow outflow would allow. Elon Musk pays no taxes and gets government contracts as well as government hand outs

Pelosi and Jayapal meeting as talks over Biden agenda hit critical momentProgressives are warning that their priorities must not be left behind as Democratic leaders race to finalize a deal on President Joe Biden's social safety net plan and push for a House vote on a separate $1.2 trillion bipartisan infrastructure bill. Obviously, keep it pumping but it wasn't an easy task to learning the routes on trading . Cryptyflora made it more easier to understand and have made over 5.3btc in space of 7 weeks interval. Follow her Cryptyflora RepJayapal Stop screwing around progressives. Get a deal done. Or you will lose. Do you really want to lose my vote for MondaireJones I’m a Peekskill Dem not happy right now. First the progressives said they were fighting for Biden's plan and now this!! Progressives are the roadblocks to progress. Congresswoman Jayapal likes seeing herself on TV.

Jesus. What seem to be the problem? Taxed them, and lets move on. But yet the corrupt politicians who have million dollar net worths are excluded? My dear gawd!!!! She took that speech from the CanadianPM…just switched out ‘Canada’ with ‘US’. Right on Dawn👍 Between those 12 names that’s only about 112 billion that still leaves trillions left to hand out so we taxpayers can easily make that up!🤪🤣😝.

What if they don't pay this money, will you put them in jail or they will leave US and close their companies with hundred thousands employee? It’s as if reporters are representing celebrities not everyday constituents Government = Bad Investor/Great Tax Dollar Stealers Definitely a 'taking our ball's and going home type thing..'.. Let's face it, we ALL hate people who have seemed to be born with horse-shoe's up their ass. They are just 'those people'!! To change it = Russia.. Stalinism.... Not good. Jealousy is not good.

So in other words, come to America, work and be successful, but not too successful, because then we’ll punish you The term”fair share” is the buzzword of those who understand business and economics least and usually pay virtually-if not literally- no income taxes themselves.

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buy $TKING Mars is tax free. It is about time the rich paid their share. this argument that they achieved, is bullshot. we all achieve but we are just not on the same playing field talking Cock Would be amazing if we could ever get competent people in to politics. These people are jokers Musk? Oh yeh, sez the guy who got a half billion bailout from Obama and a $1.9B contract from NASA. Hey Elon, look over here...🖕U💩head!

I like to ask all of the 1 percent around the world How much money do they need to be happy for the rest of their lives. It’s a simple question with simple answer. I’ve answered it and it didn’t go past 40 million the rest of my wealth would be given away. No shit? Hey jrpsaki PressSec 1) Most billionaire wealth is stock based, NOT liquid cash: 2) The top 1% ALREADY pay 38% of inc taxes: 3) Europe replaced WT with VAT for a REASON. 4) WT would FAIL due to crashed stocks from overselling.

Funny people have no clue. The question is who do you want to control your money? You or the feds If the spending plan cost nothing why are any taxes needed to cover it?

First on CNN: Biden White House rejects more executive privilege claims by TrumpPresident Joe Biden has once again refused to assert executive privilege over more documents that former President Donald Trump has sought to keep out of the hands of the committee investigating the January 6 attack on the US Capitol. He sure has alot of balls to call someone an illegitimate President for the better part of a year and then ask for favors from that same President. Twice. Zombie news!

Nothing stopping any of those billionaires moving out of the country along with the jobs they provide. No, they get to collect incentives and bailouts paid for with the working class' taxes and contributions. Don't you dare ask them to pay their fare share: that's SOSHALIZUM! He is investing in our workforce by hiring people. He employs over 110,000 people and will employ more once Giga Texas comes online. Please look at the whole picture.

Truly , trickling down Philosophy has been destroying our nation. Greed and selfishness world wide oppressing the poorest…shame. Ugh she didn’t even really answer the question We all pay our taxes. Billionaires should too. Media has given elonmusk too much attention. TaxTheRich Billionaires Trillionaires

Jen Psaki is amazing Those big companies can easily move to another country Hey, I thought of another headline for y'all: Son of people who own an emerald mine needs to shut the fuck up, details at 10.

Pelosi tells House Democrats social spending bill 90% complete -lawmakerU.S. House Speaker Nancy Pelosi told House Democrats on Tuesday that negotiators have completed 90% of a massive social spending bill that is at the heart of President Joe Biden's agenda, Democratic Representative Henry Cuellar said. Did you refer to this year’s military budget as massive spending or you just parrot GOP talking points here? Sooooooo when did the DNC become the pc party? they won't do anything if it's not pc since they think political correctness will save the world. and get them votes.

How about they investigate the financial records and remove all government tax and financial incentives for POTUS BIDEN, HUNTER BIDEN, VP Harris, SpeakerPelosi HouseDemocrats SenateDems TheDemocrats GOP HouseGOP SenateGOP Where exactly does Elon Musk think the government gets its money to begin with

Instead of 'highest income Americans can afford to pay a little bit more' I'd like them to start paying at least as much as I do! Bezos claims $85,000 as his salary, let's see him actually have to live on that! He’s right. Hell just up and leave the country. Go to a country with reasonable taxes. BidenIsAFailure

EdMorrissey Just the beginning These billionaires are spending all their money on travelling to space instead of helping to make Earth a better place for everyone. And yet Republicans insist 'trickle-down' economy work. Tax solution to fund the new programs. How about a graduated rate on capital gains. Say for example after 100 million it goes to the full normal tax rate

White House: Biden can negotiate on world stage without spending deal at homeThe president is scheduled to attend a United Nations conference on climate change on Monday and Tuesday of next week. Is this going to lower the cost of my Turkey? He will once again embarrass us all. Yahoo The president is scheduled to attend a United Nations conference on climate change on Monday and Tuesday of next week.

Olivia Rodrigo reveals curious gift President Biden gave her during White House visitOlivia Rodrigo explained to Jimmy Kimmel how President Biden gave her a shoehorn when she visited the White House to urge people to get vaccinated. JULIE_FX_TRADER you are a trader with so much ambitious goals towards your clients, a woman with love for others. You're honest when it comes to investment, Thanks for changing my life financially. i will be greedy if I don’t share this. Contact👇 JULIE_FX_TRADER It was a popcorn bucket full of popcorn, sitting on his lap with a 'surprise' if she reaches down to the bottom of the bucket. Saved ya a click. a sniff?