No surprise on this….
Bernie Sanders and Elizabeth Warren going after the rich and corporations will have to wait until the economy gets better, if it happens at all…
Congress writes the tax code and the politics of the 2022 midterms will kick in early to mid 2022, when the dust could be clearing from the virus and the economy…
Joe Biden’s work with a win will be a Lot and he just won’t be able to do everything he’s promised and certainly not everything progressives want….
Democrats are backing away from vows to reverse President Trump’s tax cuts if they take control of the Senate and White House.
Senate Democrats had suggested they could move quickly on the issue, but now say they are likely to delay stand-alone tax legislation if Democratic nominee Joe Biden is elected president and their party controls the House and Senate.
Instead, the priority will be on spending to create jobs and raise wages, investments in green technology and infrastructure and a national plan to contain the coronavirus pandemic.
Some of those stimulus and relief bills could include tax incentives for clean energy infrastructure and strengthening the nation’s supply chain and domestic manufacturing base. Tax relief in the form of child tax credits and earned income tax credits for lower- and middle-income families are also on the table.
But potential tax increases on wealthy individuals and corporations are expected to come into play later, depending on how significant the deficit concerns are next year.
The coronavirus and the way it is hitting the economy is a huge factor. Raising taxes while the country is recovering from a recession would be a risky political move….