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Oct 21 - Sinema Shatters Democrats' Plan to Raise Corporate Tax Rate



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 1 month ago '06        #1
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Oct 21 - Sinema Shatters Democrats' Plan to Raise Corporate Tax Rate
 

 
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Although "all of President Biden's Build Back Better agenda can be paid for by fairer taxes on the wealthy and corporations," noted Americans for Tax Fairness, Sen. Kyrsten Sinema's refusal to support tax hikes on the rich could k*ll the bill.

KENNY STANCIL

October 21, 2021


Thanks to the intransigence of right-wing Democratic Sen. Kyrsten Sinema of Arizona—who has refused to support proposed tax hikes on corporations and wealthy individuals to pay for her party's social infrastructure and climate package, all while taking tens of thousands of dollars from Wall Street—President Joe Biden on Wednesday shelved his long-standing and popular tax reform plan and is reportedly considering potential alternatives.

"Many Democrats would rather not dance around their goals by enacting more complicated proposals than those Sinema has rejected," Politico reported Wednesday. "But they may have no other choice: Democrats said she's the primary, and in some cases sole, impediment to raising the rates they've been campaigning against for years."

Even Sen. Joe Manchin (D-W.Va.)—another conservative swimming in corporate cash who has competed with Sinema for the title of the biggest obstacle to the Build Back Better Act and played a key role in cutting it by almost half—has advocated for slightly higher tax rates on corporations, individuals with annual incomes over $400,000, and capital gains.

But Sinema has opposed her party's attempts to undo Trump-era tax cuts for the rich, even though she voted against the 2017 law and campaigned against it in 2018.


The GOP's 2017 tax law slashed the corporate tax rate from 35% to 21%, costing the federal government vast sums in lost revenue at a time of worsening inequality. House Democrats, deviating slightly from Biden's call earlier this year for a 28% corporate tax rate, have proposed raising the rate to 26.5% for companies generating more than $5 million per year—still far lower than it was just five years ago. Manchin, for his part, has pushed for a corporate tax rate of 25%.

Following Biden, House Democrats have also proposed increasing the individual income tax rate from 37% to 39.6% for those earning more than $400,000 per year, or $450,000 for married couples; increasing the top capital gains rate from 23.8% to 28.8%; and levying a 3% surtax on income above $5 million.

However, the Wall Street Journal reported Wednesday that Sinema "has told lobbyists that she is opposed to any increase" in tax rates on "businesses, high-income individuals, or capital gains."

Due to Sinema's opposition to those modest reforms—which would raise nearly $850 billion in revenue over a decade to fund child care and universal pre-kindergarten, an expansion of Medicare, climate action, and other vital public investments—Democratic Party leaders are now "working behind the scenes to target the wealthy and corporate America without crossing what increasingly appears like a red line" to the lawmaker from Arizona, Politico reported.

With the White House, Senate Majority Leader Chuck Schumer (D-N.Y.), and House Speaker Nancy Pelosi (D-Calif.) seeking swift passage of the legislation through the budget reconciliation process—which is immune to the filibuster but requires the support of all 50 of the caucus' senators—"Democrats need to choose, quickly, to keep trying to convince Sinema or to craft workarounds that she can accept," Politico noted.

According to the news outlet:

Among the options under discussion to satisfy Sinema include targeting hundreds of billionaires who don't pay taxes on their unrealized gains—a move that's known as "mark to market." Party leaders are also discussing taxing stock buybacks, installing a minimum corporate tax, and focusing more on international corporate tax reform. They also believe they can raise significant revenue through increased IRS enforcement and closing tax loopholes.
White House spokesperson Andrew Bates said Wednesday in a statement that "there is an expansive menu of options for how to finance the president's plan to ensure our economy delivers for hardworking families, and none of them are off the table."

However, the a*sociated Press reported Thursday that "under the changes being floated, [the] 21% corporate rate would stay the same," citing an unnamed source familiar with private discussions between Biden administration officials and congressional leaders.

In addition, Pelosi told reporters Thursday that paying for the Build Back Better Act without increasing taxes on high earners is a possibility.

That could be a deal-breaker for congressional progressives, as Politico explained:

Senior House Democrats said it's unclear if a bill that doesn't raise tax rates could even win the votes to clear the chamber, where Speaker Nancy Pelosi can only lose three members on any given bill. The issue makes a handful of the most vulnerable House Democrats queasy but is otherwise widely embraced by the caucus, especially influential progressives who say "taxing the rich" should be a no-brainer for the party.
Progressive advocates are amplifying calls to raise taxes on the wealthy, especially in light of the fact that the combined net worth of the nation's 745 billionaires has skyrocketed by $2.1 trillion during the past 19 months of the Covid-19 pandemic.


Americans for Tax Fairness on Wednesday issued a reminder that "all of President Biden's Build Back Better agenda can be paid for by fairer taxes on the wealthy and corporations."

New York magazine, meanwhile, argued that Sinema's attempt to prevent tax hikes on the rich could deal "a death blow to Biden's social agenda."

The media outlet added:

Senate rules require that creating or expanding any social program—healthcare, child care, education, or anything else—can only be made permanent if it has some funding source. If Sinema refuses to support any tax increases on the wealthy, there's no financing available to come anywhere close.

Biden's plan does have some other funding. One stream of income is beefed-up enforcement of taxes owed by the Internal Revenue Service. That plan is under pressure from centrist Democrats and likely to exist in shrunken form, if at all. The other is a proposal to allow Medicare to negotiate the cost of prescription drugs, which would save half a trillion dollars over a decade that could be used to cover new spending. But Sinema reportedly opposes that, too.
Sarah Anderson, director of the Global Economy Project at the Institute for Policy Studies, and Brian Wakamo, a researcher at the progressive think tank, on Wednesday explained five proposals for taxing wealth to pay for the social investments in the Democratic Party's reconciliation package.

"In the Build Back Better negotiations, lawmakers must stand up to pressure from lobbyists for the ultra-rich and embrace taxes that make a serious dent in the massive fortunes of those at the top of our economic ladder," the pair wrote. "Without tackling obscene wealth inequality, we cannot create an equitable economy that serves all Americans."



visit this link https://www.commondreams. .. orate-tax-rate
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38 comments
 

 1 month ago '04        #2
ItAlY2BkLyN 
Props total: 33964 33 K  Slaps total: 8212 8 K
I fux with the no additional tax on capital gains. But how about we just close the corporate tax loopholes?

What does it matter if the corporate tax rate is 21% of 28% if Amazon and Ikea still ain't paying sh*t? We could raise it to 100% and if we don't fix the loopholes, it's not solving the root issue.
+3   

 1 month ago '18        #3
DUCEDUCE  topics gone triple plat - Number 1 spot x1
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fu*k this bi*ch. To me fine you believe it should not happen but dont fu*king get elected telling people the opposite, this bi*ch is foul. fu*k her and I hope they investigate her crooked a*s.
+14   

 1 month ago '06        #4
Skateboard T  topics gone triple plat - Number 1 spot x6
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 ItAlY2BkLyN said
I fux with the no additional tax on capital gains. But how about we just close the corporate tax loopholes?

What does it matter if the corporate tax rate is 21% of 28% if Amazon and Ikea still ain't paying sh*t? We could raise it to 100% and if we don't fix the loopholes, it's not solving the root issue.
This is what you type when you don't actually know what you're talking about but perceive yourself as very smart and educated.

I call it "mediocre white man syndrome"

The majority of the tax reform would be closing corporate loopholes.
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 1 month ago '06        #5
Skateboard T  topics gone triple plat - Number 1 spot x6
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 DUCEDUCE said
fu*k this bi*ch. To me fine you believe it should not happen but dont fu*king get elected telling people the opposite, this bi*ch is foul. fu*k her and I hope they investigate her crooked a*s.
I'm convinced she's a GOP operative
+8   

 1 month ago '18        #6
DUCEDUCE  topics gone triple plat - Number 1 spot x1
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 Skateboard T said
I'm convinced she's a GOP operative
More then likely another grifter. She is now bought and paid for.
+9   

 1 month ago '21        #7
Tlatoani  topics gone triple plat - Number 1 spot x1
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This bi*ch is working for her owners.

Vote her out!!!
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 1 month ago '18        #8
br82186  topics gone triple plat - Number 1 spot x28
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 Skateboard T said
I'm convinced she's a GOP operative
Her and Manchin are both DINO’s and I hope Manchin stays true to his word and leave the Dem party to become Independent

Sinema on the other hand, they need to get her Karen a*s out of the paint
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 1 month ago '18        #9
SFamilyRep  topics gone triple plat - Number 1 spot x4
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 DUCEDUCE said
fu*k this bi*ch. To me fine you believe it should not happen but dont fu*king get elected telling people the opposite, this bi*ch is foul. fu*k her and I hope they investigate her crooked a*s.
Man she ain’t the only person doing that.
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 1 month ago '20        #10
Xiox  topics gone triple plat - Number 1 spot x1
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Are the rethugs gonna start running for Democratic seats to undermine the dems

 1 month ago '17        #11
R Shackleford 
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2 people, clearly getting paid off, can crush a whole party's momentum

Wow
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 1 month ago '21        #12
JayMurdoch  topics gone triple plat - Number 1 spot x4
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We need the pie squad to hit a few clowns and let them know they can be touched while lemon frosting drips off their face














































 1 month ago '05        #13
phantomnation  topics gone triple plat - Number 1 spot x58
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Kyrsten Sinema is corporate lobbies’ million-dollar woman.
She’s raked in cash from the Chamber of Commerce, Business Roundtable and PhRMA.

Manchin took more corporate cash since 2017 than he ever has...Fossil Fuel Energy and Lawfirms are his biggest donors..
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 1 month ago '15        #14
PineappleOG 
Props total: 43786 43 K  Slaps total: 8394 8 K
Merica lost, 2 lame duck presidents in a row, outside a miracle this country will continue to grow more nihilistic and dystopian. Goes to show no matter what we do the congress will work against us, no matter how much we organize, protest, get out and vote, no matter what we do congress will just say fu*k you to the american people.
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 1 month ago '13        #15
boobalo1  topics gone triple plat - Number 1 spot x1
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I think she was down with $1.9tril. From what I read she’s getting her position threatened by Dems in Arizona.

 1 month ago '05        #16
bklyn 
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Worry about inflation. Tax rate aint gonna fix these prices and shortages we got going on......
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 1 month ago '21        #17
Fras 
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You're probably clinically retarded if you think this bill will raise the corporate tax rate. This pig and a poke bullsh*t you fall for is so fu*king embarrassing.
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 1 month ago '14        #18
Cuttysark 
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 Skateboard T said
I'm convinced she's a GOP operative
Definitely a plant

She has all the characteristics of a republican

Greed and lack of shame for starters
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 1 month ago '06        #19
Skateboard T  topics gone triple plat - Number 1 spot x6
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 Fras said
You're probably clinically retarded if you think this bill will raise the corporate tax rate. This pig and a poke bullsh*t you fall for is so fu*king embarrassing.
Have you read the bill?

Would you even be able to understand it if you did?

No. So be real… you don’t know sh*t about this topic and just want to bi*ch and moan on the internet because it makes you feel better about your life.

If you want to cry just cry, but don’t try to act like you’re at all credible to offer any sort of intelligent opinion on anything remotely related to policy.

 1 month ago '21        #20
Fras 
Props total: 4814 4 K  Slaps total: 4691 4 K
 Skateboard T said
Have you read the bill?

Would you even be able to understand it if you did?

No. So be real… you don’t know sh*t about this topic and just want to bi*ch and moan on the internet because it makes you feel better about your life.

If you want to cry just cry, but don’t try to act like you’re at all credible to offer any sort of intelligent opinion on anything remotely related to policy.

I'll bet my life the policies in this bill will ruin America. They won't stop til they pass it.

Could these people do anything wrong in your eyes? or do you just go along with literally everything that pushes the same tired a*s agenda?

 1 month ago '09        #21
messy marv stan  topics gone triple plat - Number 1 spot x73
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duck tales....politicians claim they want to tax these regimes when tv cameras are on


both parties take billions of duckets from these very same regimes behind the scenes
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 1 month ago '06        #22
Skateboard T  topics gone triple plat - Number 1 spot x6
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 Fras said
I'll bet my life the policies in this bill will ruin America. They won't stop til they pass it.


Could these people do anything wrong in your eyes? or do you just go along with literally everything that pushes the same tired a*s agenda?
You have no idea what those policies even are.

If you did you’re not smart enough to understand how they would be implemented nor the impact they’d have on the economy or the lives of Americans as a whole.

You’re literally mad at something that doesn’t even exist yet.
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 1 month ago '20        #23
Oxx 
Props total: 7840 7 K  Slaps total: 931 931
Republicans got spies in the Democrat party....sinema that fu*king ho
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 1 month ago '04        #24
bibbyboi 
Props total: 18111 18 K  Slaps total: 2588 2 K
I'll never understand why people want to increase corporate taxes instead of just closing the major loopholes in income taxes.
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 1 month ago '10        #25
AmazinJay 
Props total: 2894 2 K  Slaps total: 436 436
 PineappleOG said
Merica lost, 2 lame duck presidents in a row, outside a miracle this country will continue to grow more nihilistic and dystopian. Goes to show no matter what we do the congress will work against us, no matter how much we organize, protest, get out and vote, no matter what we do congress will just say fu*k you to the american people.
The problem is that we're collectively are not making the right decisions as to who he want representing us. Voting matters more than you realize and so does campaign contributions. People are constantly voting against their own interests all the time. I wouldn't say congress as a whole. There are many members in congress trying to pass the BBB Plan, but there are 2 mfers holding up the bill. If they would have flipped 2 mor senate seats last year with candidates who are aligned with that agenda, this wouldn't be a problem. Instead people voted to re-elect the same senators back in NC, TX, Maine, etc.
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