Democrats’ plan to tax the rich and corporations begins to take shape
Democrats’ plan to tax the rich and corporations begins to take shape
Democrats are forging plans to raise tax rates on companies and wealthy individuals next year if they hold the White House and win control of Congress.
Progressives want this. Donors don't. It stands no chance of passing. If Democrats win back the house and retain control of the senate, we'll get to see who rotates in to replace Manchin as the only Democrat whose voice matters.
Your pessimism knows no bounds. It completely depends on voter turnout. If Biden loses, it’ll be due to abstentions. Those abstentions would have massive down-ballot consequences with the entire House and a third of the Senate up for grabs.
Vote in November, or be ready to accept what Republicans decide for our nation.
Oh good. We're pretending proposals are accomplishments again.
Vote in November, or be ready to accept what Republicans decide for our nation.
I intend to vote for Biden in November. That will not stop Republicans from deciding, since Democrats keep adopting their policies, like they have with immigration.
But i thought both sides are the same?
Jokes aside. I really hope that this passes and that other country's may take this as an example to follow.
Biden’s tax plan has already been accepted through the IRS and Department of the Treasury, and would go into effect when Trump’s tax plan expires at the end of this year, as long as Democrats vote in November.
https://home.treasury.gov/news/press-releases/jy2169
With 33 Senate seats up in November and all 435 House seats, Democratic abstentions could absolutely cede control to Republicans. Inversely, a large movement voting against Trump, along with moderate Republican abstentions, could give Democrats full control of Congress.
Vote in November.
Lol
This is the best summary I could come up with:
Senate Finance Committee Democrats met Thursday to discuss President Donald Trump’s 2017 Tax Cuts and Jobs Act, portions of which expire in 2025.
Pressure is already mounting from the party’s left flank to insist on sharp increases in the corporate tax rate and on the highest individual earners — and not to agree to any compromise with Republicans otherwise.
In the House, some top lawmakers are reevaluating past tax-and-spending bills that prioritized broad short-term investments that have since expired, demanding instead that Democrats focus on bringing in more revenue from major corporations and the rich that can permanently fund a limited number of high-impact social programs.
Trump, meanwhile, told business leaders this month that he hopes to cut corporate taxes to 20 percent, according to two people familiar with his remarks who spoke on the condition of anonymity to discuss a private meeting.
In the Senate, their odds are worse, but recent polls show vulnerable Democratic incumbents in Ohio, Montana, Pennsylvania, Nevada and a challenger in Arizona outperforming expectations.
“There simply is no reason we can look at our economy right now and justify tax cuts for millionaires,” Daniel Hornung, deputy director of the White House National Economic Council, said Monday at the left-leaning Washington Center for Equitable Growth.
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