Joe Biden and other Democrats KNOW they are NOT gonna get much in raised taxes for rich people and BIG companies….
Those tax dollars are supposed to pay for the Biden legislation….
But there are already effort’s to scratch out ANY increase that they want before next years Midterm elections…
The surprise going into this is that some Democrats have joined Republican’s in working against the big spending for a badly needed American ‘social safety net’…..
Rich people and Big Companies are not supposed to pay taxes…..
Working Middle Class people carry the load…..
Some others countries are pressing America to adopt with them a minimum flat tax for ALL Big Companies….
One would think that such a thing would have little to ZERO support among a lot of American lawmakers who have their campaigns party financed by rich people and big business….
On Thursday, the House Ways and Means Committee is set to begin formally drafting its voluminous piece of the 10-year measure to combat climate change and reweave the nation’s social safety net, with paid family and medical leave, expanded public education, new Medicare benefits and more. The committee’s purview includes much of that social policy, but also the tax increases needed to pay for it.
Democrats had hoped that the tax side would be more than notations on an accounting ledger. They regard it as an opportunity to fundamentally change policies to address growing income inequality, reduce incentives for corporations to move jobs and profits overseas, and slow the amassing of huge fortunes that pass through generations untaxed.
But corporate interests, led by the U.S. Chamber of Commerce, the Business Roundtable and Americans for Tax Reform, have mobilized a multifaceted lobbying and advertising blitz to stop the tax increases — or at least mitigate them.
“They’re lobbying to try to escape their obligation to pay the taxes they owe, leaving working families to pay a larger share of the burden,” Mr. Biden said at the White House on Friday. “Somebody has got to pay.”….
Another key component is the international tax code. The Biden administration has called for doubling the tax that companies pay on foreign earnings to 21 percent, so the United States complies with an international tax deal that the administration is brokering, which would usher in a global corporate minimum tax of at least 15 percent….
Republicans are already on the attack. After the disappointing monthly jobs report on Friday, Representative Kevin Brady of Texas, the ranking Republican on the Ways and Means Committee, said the slowing economy would “only get worse if the Democrats’ trillions in tax hikes and welfare spending is rammed through Congress in September.”
Senator Ron Wyden of Oregon, the chairman of the Finance Committee, said he understood that business groups and Republicans would howl that the tax increases would kill jobs, stifle the economy and hurt ordinary, struggling Americans….
Administration officials insisted that taxing the rich and corporations would help sell the bill.
“Should we let millions of children grow up in poverty in order to protect offshore tax loopholes?” Kate Bedingfield, the White House communications director, wrote to House Democrats in a memo on Tuesday. “Should we let middle-class families bear crushing costs for child care and elder care rather than asking the very richest among us to pay their fair share? Those are the questions before us.”…
And then there is West Virginia Democratic Senator Joe Manchin…
Sen. Joe Manchin (D-W.V.) has privately warned the White House and congressional leaders that he has specific policy concerns with President Biden’s $3.5 trillion social spending dream — and he’ll support as little as $1 trillion of it — Axios’ Hans Nichols scoops.
- At most, he’s open to supporting $1.5 trillion, sources familiar with the discussions say.
Why it matters: In a 50-50 Senate, that could mean the ceiling for Biden’s “Build Back Better” agenda — and that many progressive priorities, from universal preschool to free community college, are in danger of dying this Congress.
- Manchin also has committed to paying for any new spending with new revenue, which will limit the ultimate size of any final package.
- This amount would be on top of a $1.2 trillion bipartisan infrastructure deal passed by the Senate and awaiting House action.
Between the lines: Underlying Manchin’s concerns with Democrats’ $3.5 trillion budget proposal, which originated in Sen. Bernie Sanders’ budget committee, are deep and substantive differences over the size and scope of specific programs…..