Real Rich people and Giant companies in America do NOT pay taxes ….
THAT isn’t gonna change much anytime soon….
he Hill, a newspaper covering Congress, reports that business lobbyists are pleased that they have watered down President Biden’s proposed tax increases on corporations and wealthy individuals. One source, identified as “a lobbyist with ties to Senate Democrats,” tells The Hill, “The business community has made progress with certain Democrats on legitimate policy concerns with some of these proposals and their implications on the economy and international competitiveness.”
What are those policy concerns that have successfully swayed moderate Democrats? The article does not specify. We have the lobbyist’s assurance that they are “legitimate.” Though this may come as a shock, there is no actual requirement that lobbyists only advance legitimate policy concerns. They are perfectly free to advocate completely self-interested policy concerns as well. Indeed, this unsavory practice has been known to happen from time to time.
What’s more, if the business lobbyists did happen to be pushing bad policy arguments simply because those arguments benefited the people who pay them, they probably wouldn’t admit this to a newspaper. Instead, they would likely claim in public that their policy concerns are beneficent, even if they are, in fact, utterly venal.
I don’t mean to pick on The Hill, a paper that has supplied coverage of the Biden agenda that is in many ways superior to that found in bigger publications. Media catering to Capitol Hill insiders, like The Hill, have at least paid close attention to a significant development that has gained only fleeting notice in broader venues: Moderate Democrats have slashed President Biden’s progressive tax agenda.
Biden campaigned on a proposal to increase taxes on the wealthy by roughly $3.5 trillion over a decade. Nobody in Washington currently believes he will sign a tax hike anywhere close to that magnitude. The current predictions floating around — Politico’s tax newsletter is one publication that has used this estimate — peg the total at around a trillion, give or take.
The most striking thing about the decision by moderate Democrats to scale back Biden’s plan by some three-quarters is that we have no idea what the rationale is.
According to The Hill, the lobbyists have argued that Biden’s plan “would slow the U.S. recovery from the coronavirus recession.” It’s not clear what basis they have for this conclusion. If mainstream economists believe Biden’s tax hikes would imperil the recovery, they aren’t saying so publicly. (As economists like Larry Summers did when they loudly warned that Biden’s rescue plan would overheat the economy.)
When the conservative American Enterprise Institute ran the numbers on Biden’s full tax-increase proposal, it found a negligible effect on economic growth: reducing GDP 0.16 percent over the next decade, increasing GDP by 0.19 percent in the following decade, and reducing it by 0.18 percent over the longer run. All those numbers are so tiny they are rounding errors, tantamount to zero….
…
Since budget rules require any permanent costs be paid for, and Biden doesn’t want to increase taxes on households earning less than $400,000 a year, the size of his domestic policy legacy will be determined by how much new taxes on the rich he can get through Congress. His proposal is perfectly ample to finance a historic legacy. A handful of moderate Democrats are starving that legacy very, very quietly. If they had good reasons for their position, you would probably know what they were.
Update: Axios’ Hans Nichols reports that the Congressional Democratic bill is likely to jettison several Biden proposals. Rates on corporate income and capital gains will rise, but less than Biden proposes. “An increase in estate taxes now looks unlikely… Raising the capital gains rate is facing the most internal opposition, and it could end up staying at its current 23.8%.”….
Politico says that there will be about a trillion dollars in new tax revenue over the next ten years.
The Politico piece is BULL SHIT…..
Republicans and Manchin an Sinema are gonna go along with capital gains, corporate , self employment and INCOME TAX increases across the board??????
Let me see if I got this right?
Right before MidTerm elections Joe Biden, Pelosi and Senate Democrats would raise taxes for EVERYONE HERE????
Republicans would do the same and take away their ability pin this crazy assed move on DEMOCRATS?
He, he, he….
The reporter was taking to someone blowing smoke ups their ass….
Yea STRONGER IRS enforcement ?
The Republicans ALREADY stripped those extra monies from the legislation….
The only Trillion they will get is in their dreams….
Sure there will some tax increases to please some progressives…
But I’m betting MOST of Trump & Co.’s 2017 tax give away survives IN TACT….
Wait there’s more!
I live in NY and them GOPer’s down South shitcanned my deduction for state and local taxes….
He’s piece on how it looks like that 2017 fuck over to me and other’s in states that provide a lot of services ain’t gonna get any relief!….
Sen Bernie Sanders INCLUDED❗️
More…
AGAIN
Rich people and Big companies in America do NOT pay much to ANY taxes…..
(Trump got a REFUND of $75 Mil one year when he made MILLIONS!)
Yeah what do they know,we have a”keen political observer “like
you to give us the “truth.”
Although after a wild eyed factless emotional screed like those three posts?Some might question your self description.
More on tax hikes…..
slim majority of Republican voters support President Joe Biden’s and Democrats’ plan to raise taxes on Americans earning more than $400,000, new polling shows.
Biden and Democrats aim to pay for their proposed $3.5 trillion “human infrastructure” budget reconciliation package through a series of tax hikes on the wealthy and corporations. Although no Republicans back the Democrats’ legislation, many GOP voters appear supportive of many of the package’s key components.
A poll conducted by Data for Progress and Invest in America showed that 51 percent of Republicans said they are supportive of tax hikes impacting Americans earning more than $400,000 in income per year. That included 21 percent who said they “strongly” support and 30 percent who “somewhat” support the proposal….
More…
Biden already losing some of his tax hikes from his own party’s lawmakers…..
President Biden is pushing to prevent congressional Democrats from scaling back his tax proposals, as lawmakers work on a $3.5 trillion social spending package aimed at advancing the president’s economic agenda.
The White House and congressional Democrats both want to raise taxes on the wealthy and corporations, and strengthen tax enforcement, to pay for investments in areas such as child care, health care and climate.
But the legislation that the House Ways and Means Committee approved Wednesday raised some taxes by less than Biden had previously proposed, and left out some of Biden’s proposals altogether.
It remains to be seen whether the administration can get lawmakers to be more aggressive on tax increases and enforcement, given Democrats’ narrow majorities in Congress….
More…
Latest try to tax the rich….
A new annual tax on billionaires’ unrealized capital gains is likely to be included to help pay for the vast social policy and climate package lawmakers hope to finalize this week, senior Democrats said Sunday.
“We probably will have a wealth tax,” House Speaker Nancy Pelosi (D., Calif.) said Sunday on CNN, noting that Senate Democrats were still working on their proposal, which isn’t technically a wealth tax but bears a strong resemblance to that idea….
More…
(The tax is aimed at the very rich….’$1 billion in assets or $100 million in income for three consecutive years.’…When I see this in the final law I’ll believe it….)
Update on the Billionaire and corporate tax down to the wire reaches in Biden package….
Among them is a measure Senate Democrats presented on Tuesday that would impose a 15 percent minimum tax rate on corporations based on the profits they report to their shareholders, not what they show to the Internal Revenue Service.
The billionaires’ tax and the corporate minimum tax faced skepticism among House Democrats, who questioned their feasibility, and both were likely to encounter legal and constitutional challenges. For the first time, billionaires would face a tax on the unrealized gains in the value of their liquid assets, such as stocks, bonds and cash, which can grow for years as vast capital stores that can be borrowed off to live virtually income tax-free.
The courts would have to determine whether unrealized gains in wealth can be considered income, which the 16th Amendment allows the federal government to tax. And even if they passed legal muster, the measures were all but certain to spawn fresh tax avoidance efforts….
More…
(My prediction is that these are JUST stuff to make progressives feel good and go along….They will NOT amount to much in tax revenue…)
Yeah
Here’s your problem James…
You really support little of what most Democrats support.
You are too much of a coward to admit a simple FACT,you really aren’t much of a Democrat and while still claiming to be “for “Biden ?You rarely agree without anything that he says or does.
But being the coward you are?You won’t admit to it.
CG in leaving said that you wanted him here to present an “alternative view.” We don’t need him for that.We have you.
Here’s ur problem Jack….
You are among a VERY SMALL number of Americans who would go up and shake the hands of lawmakers that RAISED THEIR taxes…..
You can suffer against the wishes of MOST of us to pay less…..
Maybe u can donate MORE of ur income to offset us others trying to pay less?
Sounds reasonable ?
Oh and just to make U even more unhappy Jack?
Sen. Joe Manchin (D-W.Va.) on Wednesday said he doesn’t like the idea of targeting only the 700 wealthiest Americans to pay for a big chunk of the Democrats’ spending package, raising doubts over a newly proposed tax on billionaires.
“I don’t like it. I don’t like the connotation that we’re targeting different people,” Manchin told reporters when asked about the new tax proposal sponsored by Senate Finance Committee Chairman Ron Wyden (D-Ore.) that would hit billionaires and people who earned $100 million or more in three consecutive years.
Manchin argued that the ultra-wealthy “bring a lot of jobs, invest a lot of money and give a lot to philanthropic pursuits.”…
More…
Well Jack my man…..
The Senator from West Virginia IS A DEMOCRAT….
Talks his party leader President Biden all the damn time….
He is AGAINST higher taxes for the rich guys Jack….
Should make ya happy….
If he don’t approve of this bullshit effort to make people think rich people gonna pay more taxes?
Me and U will continue to be the 75% of Americans paying the tax bill!
That should suit U fine right?
Let me see?
I picked Biden when people here where talking about Sanders and Warren….
Two Democrats that are gonna eat shit from all this ……
Oh?
And Ole Joe Biden the Centrist then and NOW IS the President????
Ghee Jack?
I must REALLY NOT know what the fuck I’m talking about?
You DID read the link I provided about Hogan , right?
Who cares about Hogan and what does he have to do with anything.
Once agin a as everyone here knows ,since Biden was elected you have Opposed just about every initiative of his.
Joe Manchin himself conceded yesterday that he knew he was an outcast among his fellow Democrats.So that’s who you are hanging your hat with ,Manchin?
So you OPPOSE higher taxes for the wealthy?
Got it!
That’s a good one!
Like I said, we have you for the “alternative view.”
Ha, he, ha….
Jack…..
Jack!
U ducking again?
Ha, ha, ha…..
You ARE a funny Guy!….
Ha, ha, ha….
You a member of the DNC like I am?
Oh, wait?
Are you just ‘cheer leading’ for EVERYTHING Biden does even if its costing him support that will make things harder for party lawmakers and wipe out the parties majorities if he doesn’t do better perception wise on the ECONOMY?????
Jack?
I really didn’t want to go there….
BUT?
YOU ARE SO hungry to mess with me that U have turned yourself around and have become lost ….
Your reasoning IS the reason Biden and Democrats are in trouble…
I have tried to highlight miscues that MUST be addressed and dealt with less we get a Red wave next November in the vote and allow that to possibly make things worst in 2024….
Wake UP MAN!….
This isn’t about me….
This about a President and Party that needs to figure out how to get the middle back for a margin to win.….
A lie ,bald faced and unmitigated.
Good Republican talking point though.
He, he, he…..
Love Ya Jack‼️
Democrat Joe Manchin is AGAINST this Jack….
Gabriel Zucman
@gabriel_zucman
To give a sense of what’s at stake with the billionaire tax plan released today:
In 2018, Elon Musk paid $8,410 in federal income tax (according to the ProPublica leak)
With the billionaire tax, he would pay around $50 billion in the next 5 years
(So Jack?….Middle Class tax payers like us gotta make up the fucking difference if need be?)
What is so “funny?”
You’re a very weird person.
My weird?
Nope….
I’m having a damn good time right now!
FYI….
Talking Points Memo
@TPM
Bernie Sanders Is Not Too Happy About How Things Are Going
(Yea…I don’t know how politics works???)
Bloomberg
@business
Biden amps up pressure on Democrats for a deal on at least the framework of his economic plan before he leaves Thursday for Europe
FYI……
The House writes the tax law….
Businessweek
@BW
America’s billionaires are giving their fortunes to family while avoiding billions in U.S. taxes. Here’s how
It appears Sanders and and progressives are gonna take more hits on the final Biden package
I’ll be posting on this tonight when the dust settles for the day….
So nice again, you agree with Manchin right?
I point out that the ‘tax the rich’ had little chance to become law…
Sure I’d like rich people and Big Business to pay their ‘fair share’…
But?
Since I don’t know my politics, right Jack?
I should expect that something that doesn’t EVERY happen is gonna magically do so right now?
If it wasn’t Manchin it would be some other Democrat afraid of their campaign money drying up….
I used to be the dreamer….
Now U are….
How many lies can you tell in one day?
DSD caught you lying on the other thread .
I’ve caught you lying here.
Keep the lies coming!
Lies Jack?
Nope…
Facts to U are something you answer with ‘I’don’t care’ as a way to play things off….
How many time U says u got something WRONG Jack?
No
U just duck and slither away throwing up chaff to cover ur retreat …..
Oh so you don’t agree with Manchin yet you hold him up as a Democrat you agree with.
OK got it!
How much more silly can you get.
He, he, he…..
Counselor……
This isn’t legal argument class 101
The Man IS a Democrat…..
Fact….
Did I say I agree with him?
I present for the court HIS point of view, which I have pointed at previously
Silly is NOT relevant ….
I would NOT hire U as my defense attorney
The OVER ALL point continues to be that Republicans rowing together CUT taxes for the rich and big business in 2017….
Democrats with a majority , slim as it maybe, seem UNABLE to raise any meaningful tax revenue going forward…
It IS frustrating…..
And YES….
I’m knocking Biden and Democrats on this….
You Lied and said I was in favor of higher taxes for people like you and I.
I never said that.That was a lie.You well knew it was yet you said it any way.
Then incongruously you said that Manchin opposing taxes for the rich “should make (me) happy?
Another lie .I have never opposed increased taxes on the wealthy so why would I be happy?
You’re just lashing out because I continue to expose your silliness.
So once again James why does nobody here agree with you?
But keep on lying.
I wouldn’t want you as a client.
Besides I don’t handle tax fraud cases.
You know James you think your daily bouts of lying are “ fun.”
I don’t think anyone else here does.
Like I said Jack….
Throwing Chaff as U slide away….
Typical and consistant…..
But thanks for the bander…..
I enjoyed this session….
If ya give?
Ya gotta be able to take……
You the mouth for the grown people that come here?
ALL of them?
No this is no longer “fun.”
I
If you call reading the ramblings of an unvaccinated fool fun, then it’s fun.
But we all know it’s more than frustrating.
Once again, Jack is right.
Don’t go out without your mask James.
No problem Keith……
Jack is Right?
Nah…..
He didn’t do to good earlier
Had to duck
I had some fun!
What did jack duck?
Did you make a point James? It seems you were just lashing out without any obvious direction or purpose. More of the unusual.
Keith ?
Read Jack’s playback and take the time to check our original bantering
I REALLY DID have fun!
Will you have fun with only one or two participants here James?
I certainly urge anyone who cares to read my “playback “ and compare it to the original rant .
I believe they will will find it is an accurate summation of what occurred.
Of course after doing so?They will probably say to themselves?”Theres five minutes of my life I will never get back!”
Scott appears to have moved on. Who can blame him?
Certainly NOT me….
Things lately have become tired and babyish….
And you are the only to blame for that. Quit personally attacking other people and lying.
I am beginning to think that maybe James already has had COVID and we are seeing the symptoms of COVID dementia.
And, I am only half kidding.
Jeff Stein
@JStein_WaPo
All the skeptics mocking me last week for treating the Dems’ “billionaire tax” like a serious possibility appear to have been vindicated
“Certainly not me…”
Now that really is funny!
I notice Scott hasn’t been around lately.
Hope he returns .
I once commented that Scott was probably the smartest poster here because he never engaged James.He never addressed him (even though James would sometimes try to draw him out ).Would simply say his piece ,then move on.
We could probably all learn from that.The less one engages the “usual suspect” the better.
As Zreebs points out ,and as evidenced in that rather bizarre hour long rant of yesterday(I’m still “ducking”) ,engaging him serves no particular purpose as he will either simply LIE or start babbling incomprehensible babble complete with weird virtual laughter and myriad exclamation points etc adding up to nothing intelligible.
As I am likely the biggest offender of enagaging him ,I promise the five or six other posters here ,I will try to refrain from such actions in the future.
“Let a sleeping dog alone!”
Let’s see if this works…..
Occupy Democrats
@OccupyDemocrats
BREAKING NEWS: Trump floats the idea of “moving to another country” if Democrats pass a “billionaires tax.” RT IF YOU WOULD HELP TRUMP PACK HIS BAGS!
Yes, Zreebs, you cannot blame the guy. He clearly has better things to do.
Anatomy of a Rant…
It all begins@ 12:05 when the “usual suspect” says that I have supported higher taxes for everybody.Thats a LIE.I have supported higher taxes for wealthy individuals.Amusingly, later on he agrees with mr…the rant continues
At 12:13 he talks about Joe Manchin being against higher taxes for the rich and says this should make me happy.Another LIE and totally contradictory to what I’ve said in the past .Later he says he’s for that too.He congratulates himself for supporting Biden as a” centrist” yet it’s Bidens Bill Hes been attacking over the past few weeks here…the rant continues
@ 12: 38 he incongruously says “love ya.”
@12:42 he again says Joe Manchin is against higher taxes for the wealthy ,a repeat of an earlier part of the rant.
By 12:54 he’s saying that he’s for the rich paying more taxes.Also my position although earlier@12:51 he enagages in some weird “haha” routine,declares I am “ducking” although it’s not explained exactly what I’m “ducking” from.He then says some indecipherable stuff about Biden and the economy.What this has to do with my “ducking” I leave for the reader to decipher.
At 12:57 after I accuse him of lying again which he did,he utters something about “facts” the importance which is unclear.
By 1:13 he tells me he wouldn’t hire me as his lawyer.Since he’s a confessed tax cheat,I inform him I don’t handle those type cases and why would I want his type anyway?He would likely stiff me on my bill!
As the rant is coming to an end @1:24 he accuses me of “throwing chaff”( whatever that means) because I told him I didn’t find his rant fun.He then concludes a minute later with this indecipherable doozy,”You the mouth for the grown people who come here.”
Yeah he really showed me!
Apparently proud of this over an hour of foolishness ,he declares about a half hour ago that I didn’t “do good.” I presume he thinks he did.
Well maybe the 200 people that visit this site everyday according to him?Think he did too!
Come on you 200 give him a hand!
Nice……
Jack give’s us a play by play!
From ‘his’ point of view
You still got it Jack!
But clearly you never did James, anyone who won’t get vaccinated never did.
For Chrissakes, this blog shouldn’t be about its moderator; I don’t come here for the accusations, defences and counter-accusations — although sometimes James and other contributors seem to react personally to criticism of their facts and commentary.
Like Scott (and unlike CG) I have no patience for this.