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….