WSJ News Exclusive | Democrats’ Planned Tax-Rate Increases in Jeopardy Due to Sinema’s Opposition

  • 📰 WSJ
  • ⏱ Reading Time:
  • 54 sec. here
  • 2 min. at publisher
  • 📊 Qulity Score:
  • News: 25%
  • Publisher: 63%

Democrats’ planned tax increases on businesses and high-income people are in jeopardy due to Sen. Sinema’s opposition, people familiar with the matter said

United States Headlines News

United States Latest News, United States Headlines

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.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 98. in US
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

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.

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

WSJ News Exclusive | RV Capital of America Tops WSJ/Realtor.com Housing Index in Third QuarterElkhart, Ind., topped the housing index this quarter, as high housing costs and remote-work opportunities drive many home buyers to seek out more living and outdoor space. I know we all probably must have heard about Bitcoin but don't know how it works, I tried it in a week ago by a woman who recommended me to with Lovelybtc3 on Twitter she guides me through and i made a return of $ 10500 after a week of trading, connect with her 👇 Lovelybtc3 All of them run by republicans.
Source: WSJ - 🏆 98. / 63 Read more »

No economic package? No problem: Even without a budget deal, parties already shaping their messagesRepublicans are casting Democrats as 'tax and spend' elites; Democrats plan to stress specific programs ranging from child care to community college Blame the two undercover Republicans. They along with the rest of the GOP are walls across the road of progress. The only thing massive about the Democratic Party right now is how massively they are f-ing up the country. BidensAmerica Democrats will loose. Instead of $2000, they gave out a heavily means tested $1400. They didn’t give us $15 min wage, no student debt cancellation, they let the rent moratorium expire, covid is still getting spread around.
Source: YahooNews - 🏆 380. / 59 Read more »

WSJ News Exclusive | ‘CoComelon’ Owner Moonbug Weighs Sale, IPOThe company behind the hit children’s show “CoComelon” is looking to cash in on its popularity by either selling itself or going public.
Source: WSJ - 🏆 98. / 63 Read more »

WSJ News Exclusive | Rent the Runway Targets Valuation of Up to $1.5 Billion in IPOClothing-rental business Rent the Runway is seeking a valuation of as much as $1.5 billion in its initial public offering next week For all those who are new to this working from home Bitcoin trading options Here's a little tip: Get a trusted Bitcoin expert and stick to him Bowser_51 Invest and play at similar times each day. Because : In times of chaos, your investment is your anchor to success
Source: WSJ - 🏆 98. / 63 Read more »

WSJ News Exclusive | New York City to Require Covid-19 Vaccinations for All Public EmployeesNew York City Mayor Bill de Blasio plans to announce an order that would mean some 46,000 city workers need to get their first shot by Oct. 29 or potentially lose their jobs. The city’s roughly 8,000 corrections workers have until Dec. 1 to get shots. Shit show coming The Land of the Free 🙄 There's a lot of dumb people out there!🤷‍♂️
Source: WSJ - 🏆 98. / 63 Read more »

WSJ News Exclusive | Cushman & Wakefield to Buy 40% Stake in Greystone Multifamily Business for $500 MillionThe commercial real estate services giant has agreed to pay $500 million for a 40% stake in the rental apartment lending and loan servicing business owned by Greystone, the latest sign of the strength of the rental apartment industry.
Source: WSJ - 🏆 98. / 63 Read more »