The president was unable to whip his slim congressional majorities into reversing Mr Trump’s tax law and increasing marginal rates on capital gains, corporate profits or top individual incomes. And so his plan to raise revenue is a hotch-potch of unorthodox measures, including a new minimum tax on corporate-book income, an excise tax on stock buy-backs and a new surtax on those with incomes above $10m. The wisdom of these measures can be debated.
The result is a fiscal fiasco. In the next five years the benefit will cost $275bn. Exactly none of it will go to the bottom 60% of earners. Instead 70% of the gains will go to the top 5%. For a party that came to power condemning Mr Trump’s tax reform for being regressive, the stain of hypocrisy will be hard to wash out.
If the politics are bad, the policy is worse. The central promise of Mr Biden’s agenda was to craft a more muscular state that will be able to grapple with long-term threats such as climate change, pandemics and social dysfunction. Yet what is supposedly built back better will count for nothing if it does not exist.
It is also callous. The expanded child benefits have significantly reduced poverty among the most needy Americans, but the programme is due to expire after just one more year. If Democrats held back the hundreds of billions from thededuction, they could almost completely fund a permanent child-benefit scheme. They prefer to give each member of the top 1% of earners an average tax cut of $15,000, five times the amount the benefit pays for each child.
The best hope of improving the bill comes in the Senate, where all Democrats must vote for it to pass. Mr Biden is so desperate to see the bill into law that he will not criticise it. Some, like Bernie Sanders, have proposed a compromise limiting the largerdeduction to families making less than $400,000 a year—which tells you just how regressive the current bill is.deduction to make it desirable. It should be scrapped entirely.
More hearsay, quote some facts, figure they are all made up,, who's gonna check their facts Nobody has for 5 years.
So you don't like handouts to the well off when Dems do it? Or do you only support welfare for the 1%?
POTUS SpeakerPelosi SenSchumer SenFeinstein . How do you respond? I won’t copy Harris because she doesn’t matter and can’t win in 2024 or beyond.
Democrats embracing trickle down economics!
Political indebtedness-perpetually!
Disinformation is not becoming to you.
TeamPelosi SpeakerPelosi Nancy thank you!! wink wink
नमस्ते भिक मंगे पिक्चर आरही हैं 10rs टिकट लिखना गुनाह हैं सब लिख के रखा हैं
How else could socialism survive
It’s hodge-podge
Of course to you & those who OWN you TE, raising revenue for the masses will never be orthodox or right but it’s ALL RIGHT when you & your sponsors don’t pay taxes, hide profits offshore & engage in every imaginable manner of corporate thievery hnn?
Crypto is the future, if the current administration chooses to stifle that, our collective future (and strength) are doomed shibarmy
That’s because wisdom isn’t playing a role here..
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: ABC - 🏆 471. / 51 Read more »
Source: RollingStone - 🏆 483. / 51 Read more »
Source: Newsweek - 🏆 468. / 52 Read more »
Source: ELLE Magazine (US) - 🏆 472. / 51 Read more »
Source: InterviewMag - 🏆 484. / 51 Read more »