Biden offers to keep Trump tax cuts with reduced infrastructure bill

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    • #427477
      jbnw
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      • Total Posts: 4,507

      I wasn’t sure last year who was the lesser of two evils, and Biden continues to show his corporate warhawk face this year – when he’s visible.

      https://www.usatoday.com/story/news/politics/2021/06/03/joe-biden-offers-keep-tax-cuts-intact-pay-infrastructure/7523881002/

      WASHINGTON – In a concession to Republicans, President Joe Biden proposed that instead of raising the corporate tax rate to pay for a bipartisan infrastructure package totaling at least $1 trillion, they’d work to ensure corporations don’t exploit tax loopholes.

      But the president still supports raising corporate taxes to cover other parts of his agenda, the White House said.

      Biden’s latest infrastructure counteroffer, proposed to Republican senators this week, would keep intact President Donald Trump’s 2017 tax cuts that they oppose unwinding, calling it a “red line” in their negotiations with the White House.

      https://news.yahoo.com/biden-reportedly-lowers-gop-infrastructure-115202005.html

      Capito briefed her fellow GOP negotiators Wednesday night, and three people familiar with the talks told Politico that Biden’s new offer is $1 trillion in new spending, down from $1.7 trillion and his initial $2.3 trillion plan. Biden also is reportedly insisting that the spending be partially paid for by raising the corporate tax rate. The Republicans, who raised their initial $568 billion counteroffer to $928 billion, with only $257 billion in new spending, “weren’t happy, to say the least,” Politico says, and Capito and her group haven’t decided what their next move will be.

    • #427481
      Mr. Mickeys Mom
      Moderator
      • Total Posts: 5,742

      Dance the oligarchy twist little before your shout –

      THAT’S WHAT IT’S ALL ABOUT!

      Hell, no... I'm not giving up...

    • #427483
      gordyfl
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      • Total Posts: 1,570

      I did like Biden’s proposal to ensure the wealthiest pay a minimum of 15% tax. That would mean Bezos and others wouldn’t get away with paying zero in taxes, and Trump would have to pay more than $600. But when all is said and done, there will still be plenty of loopholes to get around these new tax laws. That’s my opinion.

    • #427485
      Cold Mountain Trail
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      • Total Posts: 12,852

      instead of raising the corporate tax rate to pay for a bipartisan infrastructure package totaling at least $1 trillion, they’d work to ensure corporations don’t exploit tax loopholes.”

      = they wouldn’t do diddly

      = Biden is a loser, and so are the Ds.

       

    • #427488
      GZeusH
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      • Total Posts: 3,858

      Wait.   Until Biden caves completely.  He is, after all, Obama 2.0

      Corporate America consists of totalitarian entities laser-focused on short-term greed.

    • #427500
      Satan
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      • Total Posts: 4,725

      In 1981, Ronald Reagan started passing drastic & ridiculous tax cuts for corporations and the rich. These tax cuts were made even worse by Chimpy, and by that stupid sentient circus peanut, who you defeated in the last election.

      No significant infrastructure has been built in the US since 1980.

      Do you think that’s a fucking coincidence, Joe??

      The correct thing to do, of course, would be to roll the top marginal tax rate back to 91%, where that “hippy socialist” Ike Eisenhower had it. That’s how he built the Interstate Highway System. And NASA. And all those fucking missiles that we were told we had to build and permanently aim at Russia.. And not only roll that back, but make it retroactive on all the inheritance leeches who have done absolutely NOTHING in their lives to actually earn the money they have. You know, like the Walton clan from Arkansas. The Bush Crime Family. Trump and his arrogant brats. And yeah, even the Kennedys. There aren’t any good ones left in that family either, so by all means, tax the unholy shit out of Howdy Doody Joey & Ambien Patrick.

      The “compromise” postion (since you love that idea so much) would be to settle for rolling back the Cheeto, Chimpy, and Reagan tax cuts. The country was functioning fairly well between JFK’s first cut in 1961 and Reagan’s chainsawing of the economy 20 years later. So why not go back to that?

      "Those who make peaceful revolution impossible will make violent revolution inevitable". - John F. Kennedy

    • #427600
      David the Gnome
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      • Total Posts: 3,033

      He will have to further weaken his proposal if he wants to get any Republicans on board.  It’s funny – because it is already pathetically weak and won’t do much to improve infrastructure.  Certainly not with the pathetic oversight, regulation, government contracts (did it really cost 50 million to build a bathroom?) And so on and so forth.

      Lots of pork, lots of corporate handouts no doubt vaguely worded in the final omnibus bill.

      Nope.  Don’t support it.  The chances though, of Biden even proposing a budget that makes any sense are pretty much 0.

      Shrug.  The disconnect between what Americans need and what politicians will support is growing ever wider.  Representation for the rich – fuck everyone else, seems to be the motto of both major political paras… Err, parties.

    • #427602
      Phlem
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      • Total Posts: 83

      would happen.

      Gotta keep the serfs distracted.

      Sailing on a ship of fools, but the worst part is the extreme suffering of many while a small few hoard soooooooooooooooooooooooooooooo much.

    • #427616
      MizzGrizz
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      • Total Posts: 3,338

      Nothing will fundamentally change.

    • #427632
      Ohio Barbarian
      Moderator
      • Total Posts: 20,590

      And the Democrats don’t WANT to do anything about it. They want to lose the midterms, and they will succeed brilliantly.

      It is better to vote for what you want and not get it than to vote for what you don't want and get it.--Eugene Debs

      You can jail a revolutionary, but you can't jail the revolution.--Fred Hampton

      • #427642
        jbnw
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        • Total Posts: 4,507

        Democrats don’t want to govern. It’s MUCH easier to just say “RESIST!” (or whatever the new slogan will be) and raise contributions rather than do anything for the people they supposedly were elected to work for.

        • #427997
          Ohio Barbarian
          Moderator
          • Total Posts: 20,590

          They and their think tanks and consultants–there’s a whole socioeconomic class of these people, and I suppose I should include the political media that wallows in the 24 hour news cycle doing nothing but talking to or about elected officials, candidates, consultants, advisers, experts, ad nauseum–get far more attention and lots more money when the Democrats are out of power.

          It’s hard to get their true base–wealthy and upper middle class liberals and those poorer folk who foolishly identify with them–to donate money and time when they’re enjoying brunch. Not that’s there’s anything wrong with brunch, I’m a big fan of brunches, but you know what and who I mean.

          It is better to vote for what you want and not get it than to vote for what you don't want and get it.--Eugene Debs

          You can jail a revolutionary, but you can't jail the revolution.--Fred Hampton

    • #427634
      mrdmk
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      • Total Posts: 3,194

      Us serfs, get to buy a new car every four years to keep the economy going. Besides, what is a few lives when a bridge collapses.

      Here is the greatest hit of them all, Bill Gates and Warren Buffett are planning to build a nuclear power plant with their spare pocket change. What can go wrong with that?

      I am sure there will others joining in to fund other infrastructure projects. The government only can do so much.

      If you cannot dazzle them with brilliance, baffle them with bullshit WC Fields

      Warning DO NOT CLICK HERE!
    • #428110
      Fasttense
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      • Total Posts: 1,596

      The amount a disabled vet gets for disability was lowered last year because we don’t really need it. Now in case you think disabled Veterans who put in over 20 years get their pension And disability too, don’t worry, they don’t. They get one or the other, Not both, God forbid.

      But us disabled vets who put in over 20, get to not pay taxes on what would of equaled our disability…if we actually got it, which we don’t, because we are disabled and really don’t need it like Bezos and Gates do.

      So, in affect as a retired disabled vet, I got to pay more taxes on my pension because now less of my retirement is considered tax deductible.

      Slimy scum sucking liars. If the Dems don’t make the filthy rich pay more taxes to rebuild our infrastructure, guess who will have to pay more? Not Gates or Bezos.

    • #428117
      djean111
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      • Total Posts: 6,020

      I expect the rest of that infrastructure bullshit will get whittled down, deliberately, until it can fit into a trashcan.   Only entity that will be helped, as usual, is Wall Street.   It is just campaign pandering material.  Buttiegieg will pretend to cry on camera or whatever.  Bernie and the “progressives” will fling some talk around.  And then ask for more campaign money. And so it goes.

      America is not a country, it's just a business. (Brad Pitt, Killing Them Softly)

      Everything I post is just my opinion, and, honestly, I would love to be wrong.

    • #428149
      Jim Lane
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      Contrary to what appears to the the JPR consensus, at any rate.

      Background: There is a bloc of voters with inordinate regard for bipartisanship.  Both parties are playing to this group.  These negotiations will fail, but neither party wants to be painted as disdaining any attempt at working together.  Each wants to have a basis for blaming the other when the end result is a vote exactly or almost exactly along party lines.

      After the negotiations with the Republicans fail, the final bill will be the result of the real negotiations — those with Sinema and Manchin.  Assuming the 48 other members of the Democratic caucus support the bill, Biden will need two votes from among Sinema, Manchin, and the Republicans.  The easiest path is through Sinema and Manchin.

      The bill that is enacted will contain significant new spending.  It will significantly increase the taxes paid by corporations and/or the highest-income individuals, whether through a straightforward increase in the rates, imposition of the minimum tax noted by @gordyfl, some tinkering with the rules (stepped-up basis would be a good candidate), or a combination of these.  These explicit or de facto tax increases will generate additional revenue in the hundreds of billions of dollars.  The tax changes will not make the Internal Revenue Code perfect, but will make it more progressive.  The spending will benefit millions of people.

      • #428248
        eridani
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        • Total Posts: 8,916

        This is an attempt to look bipartisan.  Now we’ll see if Joe has the guts to push it thro0gh with Dems only after the “bipartisanship” doesn’t work.

        Jesus: Hey, Dad? God: Yes, Son? Jesus: Western civilization followed me home. Can I keep it? God: Certainly not! And put it down this minute--you don't know where it's been! Tom Robbins in Another Roadside Attraction

      • #428570
        Ohio Barbarian
        Moderator
        • Total Posts: 20,590

        I do know that my federal income taxes will go up next year(I make under 50K a year) because that’s what the Trump tax cuts for the rich did–increase taxes on the working class, the barely middle class, and the middle middle class, a few years down the road. Well, that time is now.

        And the Democrats can’t even repeal Trump’s tax cuts. Just like they couldn’t repeal Bush’s tax cuts and Obama made them permanent.

        If Democrats can’t even do that much for working people like me, there is absolutely no reason we should vote for them.

        It is better to vote for what you want and not get it than to vote for what you don't want and get it.--Eugene Debs

        You can jail a revolutionary, but you can't jail the revolution.--Fred Hampton

    • #428563
      David the Gnome
      Participant
      • Total Posts: 3,033

      So they’ve kept the Bush cuts and they are keeping the Trump cuts.  Both are basically a giveaway to the wealthy, in a Country that already taxes labor well over what it taxes capital gains at.

      We are supposed to believe that keeping those tax cuts in place – while spending very little on education, improved healthcare, social security or anything of that nature… is somehow progressive?  Lol.

      No.  Just no.  The only reason the policies of the last year have amounted to anything progressive is because of the covid19 disaster.  Shit is getting back to normal now – and Biden serves the same people Trump did.  The wealthy.

      Whatever bill is enacted will almost certainly amount to very little if anything.  Key issue: the top fortune 500 companies already pay effectively 0 in corporate tax.  What is 0 x 15%?  Still 0.

      So, no.  There might be some half assed argument from the so called progressive wing… but if we wanted actual progressive policies or taxation – Biden was one of the worst possible choices.

      Maybe you can explain to me how this bull… How this bill will make a difference, but I doubt it.  The gap between what is needed and what even “democrats” will support is completely ridiculous.

      Don’t hold your breath.

      Capitulation and cowardice is exactly what we should expect from the Biden administration and democrats in general.  Actual progressive policies will not gain support in Congress because there are not enough in Congress who qualify as remotely progressive.

      Sure as hell not Biden.

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