Anybody reading this that is surprised needs to have their head examined….
Republicans cut taxes for the rich and corporations back in 2017….
Raising taxes by the Democrats NEVER was going to be serious business….
Republicans and some Democrats GET money from the rich and corporations to keep their jobs….
They are NOT gonna work against that money ….
And if that means less in the infrastructure, social safety net and other stuff?
So be it…..
Democrats on the whole?
Just do NOT have the votes to balance more spending programs and increased tax revenue….
Democrats will likely drop hundreds of billions of dollars in proposed tax increases on the rich as they scramble to shrink the size of their “reconciliation” package.
That’s good news for moderates who are less enthusiastic about raising rates. But it’s potentially terrible news for progressives hoping to stick it to the rich. Many see this as their best chance in years to push through major changes in how wealthy people are taxed — such as a proposal to begin taxing, for the first time, billionaires’ unrealized capital gains…
…
Some progressives acknowledge that some of the most aggressive tax proposals could now fall by the wayside, as the demand for revenue eases, but warn Democrats against backing off plans to target the uber-rich.
“We will make a lot of noise – we will not be very happy,” said Frank Clemente, head of Americans for Tax Fairness, a group pushing for higher taxes on the wealthy.
It’s the flip side to Democrats’ decision to scale back their spending plans. Much of the focus in Washington has been on how they will slim down their package, by either dropping lower-priority initiatives or funding more programs for shorter periods of time, in hopes Congress will re-up them later.
But a smaller price tag will also mean big changes on the tax side as well because Democrats are unlikely to raise taxes by more than they need to defray the cost of their plans….
Funny thing ,and purely anecdotal,but no one I talk to gives a damn about these programs being pushed.
The only things on their minds are the pandemic, inflation and the problems with certain things not being available (due to a worsening supply chain problem).Im not blaming Biden necessarily ,but we all know ,whomever is in the White House gets the blame for bad things happening.Indeed, there is little doubt based on the closeness of the election last year that the pandemic did Trump in.
I repeat…if prices continue to climb as they are presently doing?The Democrats are going to take a bath next year and in 2024 ?We May see the reincarnation of Grover Cleveland with four more years of Trump.
There’s a lot of media talk about Bidens ” legacy“ with this big spending package.Im much more concerned about his present Presidency.
Agreed Jack
Z warmed about Inflation
He was right
Carvelle
‘It’s the economy, stupid!’
From the Wall Street Journal…
“Global supply chain bottlenecks are feeding on one another,with shortages of components and surging prices of critical raw materials squeezing manufacturers around the world.”
Sound’s like a plot to raise prices to me
Get that lost pandemic revenue back?
Who all is in on this “conspiracy?”
Good question, can’t wait for the answer.
Of course shortages of components and raw materials will cause an increase in prices. When some people are unable to understand things, they often blame conspiracies Or God for the problem. These people should be ignored.
Unfortunately some of those people are elected officials who make the laws that impact all those shortages. Here on the West Coast our main problem getting materials out of the major ports is the lack of truck drivers. The ships are literally sitting out off the Ports waiting for birth but cannot unload because there is no one to take the cargo on to the final destination. It’s maddening for my old friends in the industry. But, again, this comes down to the pandemic and the fact that lots of drivers simply don’t want that job any longer.
As far as the unemployment numbers are concerned. Neil Irwin had this to say: “When you peel apart the details, there is less reason to be concerned than that headline of these stories would suggest. The story of the economy in the second half of 2021 remains one of steady expansion that is more rapid than other recent recoveries. It is being held back by supply constraints and, in September at least, the emergence of the Delta variant. But the direction is clear, consistent and positive.”
“Much of the disappointment in payroll growth came from strange statistical quirks around school reopening. The number of jobs in state local education combined with private education fell by 180,000 in September — when the customary seasonal adjustments are applied.”
And, the number of new jobs for college graduates soared last month. I believe this is the lowest unemployment rate since 2016. I also remember when 190,000 jobs in the last administration was considered a major accomplishment. I think this is part of the media’s attempt at “fair and balanced” news reporting, they simply cannot bring themselves to praise the Biden Administration when they spent four “hair on fire” years overreacting to every distracting 4am tweet that usually turned out to be a complete lie.
Please explain the abundance of ‘help wanted’ sign’s across the country….
And how does the ships get unloaded?
Longshore men don’t come fat and easy
On the other hand?
Good pointing out about the increased hiring of tech people
Ironic
Computers cut jobs
Keeping them running and feeding them brings more in at HIGHER saleries!
conventional Economic theory (which I firmly agree with) tells us that tax increases will reduce the pressure on inflation because they reduce aggregate demand. Of course the Biden economic plan also calls for a massive spending increase – which have the offsetting effect of increasing inflation, especially any measure that may inadvertently decrease the incentive to work.
There wil NOT BE massive tax increases….
As the pieces point out
Even the progressives know this
It’s gonna be interesting how Congress deals with the ‘international’ agreement on a 15% across the board tax to stop the hiding of wealth across borders…..
I guess the fine print is gonna be interesting…
Two things terrify the moneybags right now, combined into a threat of downward (rather than upward) distribution of wealth and income:
The restoration of taxes, and
A sharp increase, for the first time in a couple of decades, in labor’s bargaining power against capital and government: employees at nearly all levels can be far more selective as to the employers, compensation, hours and conditions for which they’ll work.
In theory, such an increase in demand for labor should increase unionization (about 1/3 of the 1950s’ workforce outside government, agriculture and domestic service) after half a century of decline. But there are several imperfections that might retard (or in some cases accelerate) such a trend:
(1) The very strange situation in health care, Demand has been hugely increased by the pandemic, which itself has reduced the labor supply both through infection and to the loss of workers from constant stress, burnout and/or vaccine refusal. There should likely be increased organizing and demands from the Service Employees (SEIU) 1199, the Union of Nurses and Allied Professionals (UNAP), the AFT’s health wing and the American Nurses’ Association, but on the other hand employer resistance (especially from private hospital corporations) has also increased — for example in the continuing and still-unresolved 200-day SEIU 1199 standoff with St Vincent’s Hospital in Worcester, Mass. Some health-care providers seem prepared to pay double indefinitely for temporary outside substitutes.
(2) A huge split in the AFL-CIO while it was in decline and could least afford one. The Teamsters, the Service Employees International Union (SEIU) and several smaller unions broke away from the Federation in 2005 to found the Change to Win coalition, which has yet to live up to its promises. The recent death of AFL-CIO President Rich Trumka could hardly have helped.
(3) An irregular pattern for labor demand. For example, the supply bottlenecks that greatly increase the current demand for (and bargaining power of) truck drivers can sometimes paradoxically reduce demand at the consumer level: when your toy shop runs out of toys, and for so long as you can’t replenish the stock, you won’t need to seek extra cashiers or stockers.