Anyone that believed that the Rich and Big business was going to REALLY have to pony up LARGE BILLIONS in tax money needs to stop dreaming…
That is NOT gonna happen…
And ONLY blaming the Republicans is NOT facing political reality either….
Middle class American’s pay the lions share of tax dollars and will continue to do so….
Don’t matter which party writes the tax law….
Oh?
And all that about the $80 Billion for an increased IRS enforcement effort?
Democrats swept into power earlier this year promising to raise tax rates on corporations and the wealthy to pay for their ambitious social agenda.
Both have been dramatically pared back, with a suite of their initial ideas on taxes in particular imperiled by resistance from within the party.
To meet the demands of Sen. Kyrsten Sinema (D-Ariz.), the White House agreed to drop a proposed 3 percent tax on taxpayers earning over $5 million, instead agreeing to target the higher tax to those earning more than $10 million, two people familiar with the matter said on the condition of anonymity to discuss the internal negotiations. The move exempted roughly 35,000 of the wealthiest Americans, or approximately .02 percent of the richest 1 percent, from the new levy, according to the most recent Internal Revenue Service data….
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The Biden administration also agreed to pull a proposed tax in late October targeting 700 billionaires after it faced criticism from a number of top Democrats, including House Speaker Nancy Pelosi (Calif.), who complained in one phone call with senior party officials on Oct. 26 that the plan amounted to a publicity stunt, two people familiar with the matter said. Sen. Joe Manchin (D-W.Va.) also raised substantive objections to the plan.
And while the White House is pushing a new 15 percent minimum tax on corporations, the measure faces fresh objections this week from renewable-energy groups who are warning it could undermine the party’s climate goals. Rep. Earl Blumenauer (D-Ore.) said in a statement that he and several Senate Democrats are seeking changes to ensure the minimum tax does not dilute the potential impact of the legislation’s clean energy tax credits to spark new renewable capital projects…
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“Biden had proposed substantial tax increases, and the bulk of what he’d proposed is now gone,” said Dean Baker, a liberal economist. “I never thought he’d get what he asked for, but I thought he’d get something much closer.”
Some of the items that are now on the congressional cutting room floor were either core elements of the initial proposal or pieces that some Democrats had tried but failed to add at the last minute as a way to bring in more revenue. Oftentimes, the ideas would have raised taxes on the wealthy or businesses, only to run into resistance from key lawmakers who had a range of concerns….
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“Biden’s original tax proposals were progressive; they raised a lot of money from the top end; they were efficient and effective without creating new loopholes,” said Steve Rosenthal, a policy expert at the Tax Policy Center, a nonpartisan think tank. “Now, it seems we are left grasping at ridiculous revenue-raisers and a bunch of gimmicks.”
IRS boss trying to get the $80 Billion…..
IRS Commissioner Charles Rettig on Thursday urged Congress to support the Biden administration’s proposal to provide the agency with an additional $80 billion over 10 years, which is expected to be included in Democrats’ social spending package.
“The funding proposal offers a historic opportunity to help the IRS help others,” Rettig wrote in a Washington Post op-ed. “Congress must act.”…
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The administration estimates that the proposal could generate an additional $400 billion in revenue over 10 years, though the Congressional Budget Office (CBO) may give a lower figure when it releases its full estimate of the House bill. The CBO in September said such a proposal to increase IRS funding would increase revenue by about $200 billion….
More…
Update…
I think Dem’s slipped the IRS enforcement money back in their bill….
The take from the increased enforcement has been downgraded by the CBO…
We’ll see if the money for this makes it thru…
The increased bank reporting thing was cut….