Sunday, October 17, 2021

The Democratic Party’s double standards on wealth inequality

- Advertisement -

Must read

US Tax Updates

It is better, they say, to have half a loaf than nothing at all. That’s the case with this week’s tax proposals from Congressional Democrats, who have watered down Joe Biden’s campaign plan. But the metaphor plays down the good fortune of American billionaires, who, in the worst case, would have to give up a few crumbs. For a moment it seemed that the Democratic Party would confront American inequality head on. It already happened. Barring a dramatic shift in partisan arithmetic, the super-rich seem to have bought several more years of respite.

Not everything can be attributed to “moderate” Democrats, like West Virginia’s Joe Manchin, whose 50th Senate vote gives him great influence over the content of Biden’s $ 3.5 billion bill. Some people surely want to reduce their size. It will also ensure that Biden’s proposal to raise the US corporate tax rate from 21% to 28% falls short. Nor were Biden’s plans to nearly double the US capital gains tax to the top 39.5 percent likely to outpace the party’s centrists. These are the realities of having a very small majority. The limits of a president’s power are never as exposed as when he wants money from Congress.

But the loudest trumpet in this retreat belongs to the major liberal parties from Democratic strongholds like New York and California. They hope to repeal the $ 10,000 annual limit on the state and local (Salt) tax deduction, which allows residents of high-tax states to offset what they pay locally with their federal income taxes. Almost all the beneficiaries of removing the limit would be wealthy. The cost to the taxpayer would amount to $ 91 billion a year, which would more than eliminate the income tax increases that the wealthy would have to pay under the Democratic plan. The richest 0.1 percent would get an average $ 145,000 tax cut. For the average 60% of households, it would be $ 27 a year.

This isn’t just bad economics – it’s hard to find a single left or right economist who thinks it would be a good idea. It is also a terrible policy. In 2017, Democrats found a popular echo by attacking the inequalities of Donald Trump’s $ 1.5 trillion tax cut. But repealing the salt tax cap would be far more regressive than Trump’s tax cut. Passing it would give Republicans an easy opportunity to paint Democrats as hypocrites who claim to be pro-poor while serving their rich donor base. Worse still, such a review wouldn’t be too bad. How often are Republican lines of attack based on facts today?

It doesn’t help that Democrats are presenting their Salt plans as “relief for the middle classes” and now as “relief for the pandemic.” It was the Republicans who substituted “tax cut” for “tax cut” to make it sound better. Democrats are literally picking it up. “When Democrats say this is a relief to the middle classes, what exactly is their definition of ‘middle’?” asks Richard Reeves, a fellow at Brookings and a scholar of American meritocracy. “Do the words no longer have meaning?” It was Trump who put the $ 10,000 cap on Salt, no doubt for partisan reasons, to punish wealthy liberals in Democratic states. He was already moving his address to Florida. Many wealthy New Yorkers followed suit in the pandemic. Removing that cap would not make Democrats oppose Trump. It would just make them pro-rich.

The bill as a whole would still offer a vast improvement to America’s safety net. The pandemic child tax credit would become permanent. Early childhood learning would be universal, aligning the US with the rest of the developed world. And if Manchin doesn’t purge his green elements, the bill would mark a big step toward Biden’s goals of reducing America’s net carbon emissions.

But it’s also important to emphasize what you wouldn’t do. By increasing the capital gains tax only slightly and choosing not to tax asset appreciation in the estate, you would leave America’s plutocratic reality in place. Billionaires’ share of wealth has risen from one-third to 19 percent of gross domestic product since the start of the pandemic. Now is the most mature opportunity in a long time to correct inequality in the style of America’s late Rome. The fact that Democrats are so shy says it all.

Do Not Miss

More articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Russian actor and director who makes his first film in space...

0
Actress Yulia Peresild (2ndR), a member of the film crew, receives help to disembark after the landing of the Russian Soyuz MS-18 space capsule...

SEC Releases Statement After Tennessee Fans Threw Lane Kiffin In Ole...

0
The SEC issued a statement condemning Tennessee fans who dumped trash on the sidelines of Neyland Stadium at the end of Saturday's loss to...

Spoiler from Roman Reigns’ big fight, Seth Rollins shoots former WWE...

0
We're back with the latest WWE news roundup. Roman Reigns participated in a pre-recorded match against a current champion not too long ago.After...

LeBron James tops Forbes list as highest-earning NBA player in 2021-22

0
LeBron James is the highest-earning player in the NBA for the 2021-22 season, taking the No. 1 spot for the eighth year in a...

Gautam Gambhir feels that Varun Chakravarthy can also be used with...

0
Gautam Gambhir feels that Varun Chakravarthy can be used by the India team at different stages of the innings in the upcoming T20 World...

Joe Rogan Does Another Dig On CNN In Latest Instagram Post

0
Joe Rogan and CNN have shared a difficult relationship since the news outlet accused him of spreading misinformation.In his latest move against the organization,...

Buttigieg warns Manchin of resistance to Biden’s climate plan: ‘It will...

0
Transportation Secretary Pete Buttigieg delivered a strong warning Sunday to Joe Manchin and other Senate Democrats who are forcing Joe Biden to cut back...

Public Relations Icon Max Edralin Jr .; 89

0
Maximino J. Edralin Jr. Maximino J. Edralin Jr., one of the few remaining pioneers in journalism and public relations in the country, died on Friday,...

The Steelers’ potential quarterback options for 2022, from a Ben Roethlisberger...

0
Out with the old (Ben Roethlisberger) and in with the new? In early 2022, "Big Ben" appears to be nearing the end of his career,...

Japan’s new prime minister sends offering to controversial Yasukuni shrine

0
TOKYO: Japan's new prime minister on Sunday sent a ritual offering to the controversial Yasukuni shrine that honors those killed in war and is...

Internal Documents: Facebook’s AI Has Minimal Success Enforcing Its Rules Against...

0
Wall street journal: Internal documents: Facebook's artificial intelligence has minimal success enforcing its rules against problematic content, including removing only an estimated 3% -5%...

When is the Minecraft 1.18 Caves and Cliffs update coming out?

0
One of the most important updates in the history of Minecraft was divided into two parts. The first part of the Caves and...

Volunteers in the sky monitor migrant rescues by sea

0
ABOARD THE SEA (AP) - As dozens of African migrants crossed the Mediterranean Sea in a flimsy white rubber boat, a small aircraft circling...

SMDC rebuilds real estate growth and momentum for post-pandemic Philippines

0
As the country and the world continue to grapple with the pandemic, SM Development Corp. SMDC president José Mari Banzón said there will be...

Apple’s privacy changes create windfall profits for its own advertising business

0
Apple's advertising business has more than tripled its market share in the six months after introducing privacy changes for iPhones that prevented rivals, including...

Mayer Brown faces call to boycott Hong Kong’s Tiananmen statue removal

0
Mayer Brown faces calls to boycott his services in China after the US law firm withdrew from helping a local university remove a monument...

Carbon capture: an ecological way forward?

0
Or is it just a way to mask the problems?

Faced with chaos and in need of a scapegoat, conservatives seek...

0
L.Last week, Boris Johnson, with his brush and easel at his holiday home in Marbella, retouched his self-portrait as the reincarnation of Winston Churchill....

Alan Cumming: ‘My favourite movie? I always say Spice World’ |...

0
Tom Cruise and Stanley Kubrick were standing before me. I had met Tom briefly when he had come to see me in the stage...

WWE RAW – 5 Possible Surprises (October 18, 2021)

0
WWE RAW is the kickoff show before Crown Jewel 2021 arrives. We will also know who the King of the Ring and Queen's Crown...

Buy your dream home below your budget using Housing.Com

0
People looking for their new dream home in a new place are tough, but housing.com has made life so easy that we can even...

MPs Back Southend-on-Sea’s Bid for City Status Honoring David Amess |...

0
Politicians from all sides of the political spectrum have joined a campaign to make Southend-on-Sea a city, honoring local MP Sir David Amess, who...

La Palma volcanic eruption with no end in sight: President of...

0
Streams of lava have left residue on more than 742 hectares of land and destroyed almost 2,000 buildings on La Palma since the volcano...

What did Tennessee fans throw at Lane Kiffin? Ole Miss...

0
The Tennessee home crowd was unhappy at the end of the fourth quarter against Ole Miss. Did Volunteer fans start throwing water bottles, pizza boxes,...

PSG transfer news summary: Former Blaugrana president claims Barcelona was wrong...

0
PSG didn't count on Lionel Messi for their match against Angers, but the Ligue 1 giants managed to score all three points. The Parisians...

Tunisians reluctantly remember the revolution, if they remember it at all:...

0
LE KRAM, Tunisia - When part of one of Tunisia's only monuments to its 2011 revolution disappeared earlier this year, not many noticed.Some residents...

T20 World Cup 2021: “Rishabh Pant has become predictable”

0
Former Pakistan captain Salman Butt feels that team India goalie and hitter Rishabh Pant has become a bit predictable with his moves in the...

Fantasy Injury Updates: Latest News on Antonio Gibson, Joe Mixon, D’Andre...

0
No, this is not a repeat of last week: Antonio Gibson, Joe Mixon and D'Andre Swift are all "questionable" (and expected to play) heading...

On the famous and rich ‘cockroaches’ and tax evasion | ...

0
Rich, famous, and infamous people who evade taxes are a lot like cockroaches - they can be lightning fast and prefer to move around...

Commons Speaker: We must end the hatred directed at our deputies...

0
Speaker of the House of Commons Sir Lindsay Hoyle has called for "an end to hatred" against MPs and a gentler form of political...

What stage of open source adoption has your company reached?

0
Open source software (OSS) has won over the technology industry, a reality dramatically demonstrated by the evolution of Microsoft. When open source first...

Russian film crew returns to Earth after filming the first movie...

0
A Russian actor and a film director have returned to Earth after spending 12 days on the International Space Station filming scenes for the...

Seahawks vs Steelers Odds, Prediction, Betting Trends for NFL ‘Sunday Night...

0
When the Seahawks travel to play the Steelers in the penultimate game of NFL Week 6 on "Sunday Night Football" (8:20 pm ET, NBC),...

UK says China can invest in non-strategic parts of the economy

0
The minister who hosted Britain's "world investment summit" this week said China can continue to invest in non-strategic parts of the UK economy and...

Lil Durk Promotes India Royale Cosmetics Line on Nicki Minaj’s Instagram...

0
Lil Durk makes sure it is known that he loves and supports his lady India Royale. Whether on his platform or another major...

Austin Riley, the hero of the Braves in Game 1 of...

0
Austin Riley was the hero of the Atlanta Braves in their 3-2 win over the Los Angeles Dodgers in Game 1 of the National...

Sc0ut_OP is a Pokemon Unite fan, invites players to regular scrims

0
Sc0ut_OP recently tweeted about his love for the popular MOBA title, Pokemon Unite.Since its launch in September this year, Pokemon Unite, a free multiplayer...

Who is David Baker? What was your role in the...

0
David Baker has announced his retirement as president of the Professional Football Hall of Fame after eight years in office.Baker was president and CEO...

17 American missionaries, including children, kidnapped in Haiti | News

0
The group was leaving an orphanage in Port-au-Prince when they were kidnapped, media reports say.A group of 17 Christian missionaries from the United States,...

NFL Picks, Week 6 Predictions: Browns Hand First Loss to Cardinals;...

0
The NFL season enters Week 6 and there are five matchups between teams with winning records. 1 pm ET features the renewal of the...

Inside Nigeria’s unregulated human egg industry | Women

0
Listen to this story: It was a hot afternoon in October 2019, and 22-year-old Joan* had just been crying in a ward of a private...

How to get a Venom motorcycle in Free Fire through the...

0
With the start of the Free Fire x Venom: Let There Be Carnage events, new content and cosmetics have been introduced to the game,...

Villar keeps his promise, helps in economic recovery

0
Mark Villar As Secretary of the Department of Public Works and Highways, Mark A. Villar has helped lay a solid foundation that will hopefully allow...

How Dalí’s ‘lips’ sofa was born … on the back of...

0
One of the best-known pieces of furniture in the world, Salvador Dalí's Mae West Lips Sofa, began as a sketch on the back of...

Social distancing was reduced at the Great Mosque of Mecca |...

0
While social distancing measures were lifted, Saudi authorities said pilgrims must be vaccinated and wear face masks.The Grand Mosque in the Muslim holy city...

Belgium’s shift from nuclear power under fire as rising gas prices...

0
While EU officials have argued in Brussels this month about the relative merits of nuclear power and gas, residents of a small town 60...

Beyoncé found herself trending Friday night after sharing looks on Instagram

0
When you're Beyoncé, yes, the award-winning singer, your every move has the potential to wake up social media. For example, every time the...
- Advertisement -

Don't Miss