I hate to say ‘I told you So’…..
So I won’t…..
In America….
Rich people and big business do NOT pay much of any taxes…..
Re -read the headline on this post….
House Democrats want the ‘pause’….
They want the Biden admin to wait and see how many OTHER countries raise a global tax rate of 15% on multinational companies…A Lot of countries have pledged to do so…Few will probably actually do this …..
A ‘pause’ could be a nice way of saying something these Democrats will have company from Republicans who cut taxes for the right and big business back in 2017….
Some of us are VERY sceptical of any meaningful tax increase coming out the Biden/Democratic legislation in the works right now….
(House Democrats have ALREADY dialled back Biden Biden tax increases for big business)
Now awe know even some other Democrats are worried about raising taxes for those who actually afford to pay them….
And?
No increase in tax revenue will doom parts of the Biden ‘Go Big’ legislation for sure….
Otherwise, they write, Democrats’ plans to hike an existing U.S. tax on companies’ foreign earnings, known as GILTI, would put American firms at a competitive disadvantage.
“I would encourage Leadership to pause on moving forward with GILTI and international tax changes at this time,” wrote Reps. Tom O’Halleran (Ariz.), Henry Cuellar (Texas) and Lou Correa (Calif.), all members of the business-friendly New Democrat Coalition.
“We must find a new pathway to ensure that we do not move before the rest of the world on implementing a new GILTI regime,” they said. “While well-intentioned, the GILTI changes as proposed would potentially reduce American competitiveness with their foreign counterparts and result in American job losses.”
Democrats, who can only afford to lose three votes in the House, are banking on hundreds of billions of dollars in tax increases on companies’ cross-border operations to help pay for their reconciliation plan. Delaying those changes in order to accommodate the moderates’ demands would cost Democrats’ money.
At the same time, they may have room to make changes because, as lawmakers pare back their spending plans, they will likely need fewer tax increases to make their budget numbers work.
House Ways and Means Committee Chair Richard Neal (D-Mass.), who was also a recipient of the moderates’ letter, had already dialed back plans to raise taxes on multinationals in response to objections from rank-and-file colleagues…..
…
The U.S. and more than other 130 countries have signed off on a framework to rewrite international tax rules, including creating a new 15 percent global tax rate.
Individual countries still have to write and approve legislation implementing the proposal announced last week. While policymakers hope they can happen by 2023, some experts consider that unlikely…
Gee you’re so smart!
What’s sad is you really believe you have some insight that the rest of us don’t possess.Everyone knew some of these taxes were a stretch.Asking for more than you can get is a common political ploy that everyone who has the least knowledge of government and politics thoroughly understands.The fact that you feel the need to praise yourself for stating the obvious?Shows not your “insight” but rather some weird “need” to feel as if you are smarter than everyone else here.
You’re not.
I will have more later on what I have thought would be a futile effort for lawmakers to raise taxes much, if at all, for the rich and big business…….
Despite the noise from the left….
Prospects do NOT look good for such action
One should not be surprised at this….
Also?
Do NOT look for any meaningful voting rights legislation to get thru the House…..
Saw a headline out there saying Trump has a higher approval rating than Biden.
My question is, should Democrats get behind either Liz Warren or Bernie Sanders in a Primary challenge against Biden? Such hasn’t been successful since the era of Martin van Buren and Franklin Pierce, but if his approval continues to sag and yet the Dems retain both houses of Congress, it could be cleanly managed.
Meant to post on Open Thread, sorry.
Well i followed ya
No problem….
Good Question SE……
A little history…….
Both those progressives, one is a Democrat, one is not , did well back in 2020 until they got to South Carolina…..
Then it was over for them…..
While media and a good many Democrats like left leaning Democrats?
Most of establishment ones don’t
The South Carolina vote is predominantly black…
And it just about NEVER goes for lefties….
Now after that?
The voting turns even more state Democrats that do not take lefties seriously….
Those voters might like their idea’s
Bit they are smart enough to know that rhose ideas will never go anywhere…..
Take now for instance
Biden’s numbers among all Democrats are good
But indies or swing voters that ARE the marfgin of victory for Biden and Obama?
They have deserted Biden….
Part of the reason?
Biden’s ‘Go Big’ push
Progressive’s have been out front in trying to get changes and more
But?
The BIG price tag is beginning to evaporate support for the effort on the whole
People would for pieces of Biden agenda
But not the whole thing
Now Ur two want the while thing
So?
Do u pick them?
My view?
No
Neither will get past SC
Neither have a prayer of being President
I’ve been also thinking of a Biden replacement
Harris would not be my choice
But NOT picking here would rip the black and woman vote apart for Democrats
Anyone else?
I have no idea right now
And?
All this is a worry u join others in quietly thinking about….
I do think a Biden vs Trump woukd have same result as last time
Good enough points. Stacey Abrams could be an acceptably Progressive, yet still middle ground solution as far as primarying Biden goes.
Yup….
Do u feel she’s up for it?