WASHINGTON—Sen. Kyrsten Sinema’s opposition to tax increases is causing Senate Democrats to look at financing their sprawling social policy and climate package without raising tax rates on businesses, high-income individuals or capital gains, according to people familiar with the matter.
Ms. Sinema’s office declined to comment. Senate Democrats need all 50 members of their caucus to back the same plan, and Ms. Sinema has held a series of meetings with White House officials in recent weeks over her concerns with the administration’s approach. Rep. Pramila Jayapal and other progressive lawmakers met with President Biden at the White House Tuesday.Democrats had been hoping to pay for the entirety of their social policy and climate bill, now expected to cost around $2 trillion over a decade, with revenue from tax increases and government savings. In the House, Democrats have proposed, moving the top individual rate to 39.6% from 37% and increasing the top capital-gains rate to 28.8% from 23.8%.
Losing the rate increases would punch a significant hole in the Democrats’ funding plans for even a shrunken version of their bill. In the House bill, the corporate tax rate increase was projected to raise $540 billion over a decade while the tax rate increases on ordinary income and capital gains would raise nearly $300 billion.
Our present version of capitalism, and our enabling system of government cannot and will not endure. The inequality will continue to worsen w/o Government intervention. That inequality will kill the golden goose. Root for Manchin and Synema at your own peril.
This is terrific news, especially on not jacking up the corporate rate. Just have to hope it leads to some restraint on the politicians' spending appetites, rather than convoluted ways to grab more revenue.
Those higher taxes would’ve ended up hurting the most vulnerable of our society since the rich would just increase the price of goods and services
I think that the senator's views were minuscule in comparison to those of her constituents. And ought always to state that she's representing the consensus views of her district, is vital?
Due to Sen Sinema and 51 others - there are 52 or 100 senators in opposition.
Maybe if DNC actually paid attention to the candidates they put up to run, they wouldn't have sellout, gold digging skanks disrupting their agenda...
Senator Sinema, humbug, tax the rich and big business for their fair share of Taxes! What is your big opposition, what are you trying to Defend? What is your opposition reasons, state them?
Apparently, the 'trickle down theory' has infected both parties.
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