"House Republican leadership put a giant bullseye on Medicaid, with the intent to strip Americans of their healthcare benefits to pay for tax cuts for billionaires and big corporations."
This is about extending Trump’s existing tax cuts. Cuts that were not cancelled by Biden throughout his mandate. So sure, they didn’t enact them but they did inact on them once they had the power.
Democratic presidential candidate Joe Biden pledged in a CNN interview (transcript) on Thursday to undo President Donald Trump’s corporate tax cuts on “day one” of his presidency. But it may be difficult for Biden to stick to that ambitious timeline since overhauling the tax code requires Congress to act.
President Joe Biden got almost everything he wanted with his $1.9 trillion economic rescue plan. Biden campaigned on hiking the corporate rate from 21% to 28%. Prominent business groups are warning against the effort to roll back the 2017 Trump tax cuts, which lowered the corporate rate from 35%. Wall Street, however, is hardly freaking out about the potential of unwinding the Trump tax cuts. “Equities appear to be pricing optimism around infrastructure spending but little concern about tax hikes,” Goldman Sachs strategists wrote. Rick Rieder, BlackRock’s chief investment officer, "the US economy can “definitely” withstand higher corporate taxes. I think 21% is too low,” Goldman Sachs expects Biden’s next fiscal plan will include at least $2 trillion in infrastructure spending and could reach $4 trillion if it also funds healthcare, education and other initiatives.
Democrats hope to unwind many of the tax cuts Republicans enacted under former President Donald Trump as a way to pay for the majority of the $3.5 trillion spending bill. House Ways and Means Committee Chairman Richard Neal, D-Mass., released details Monday of a plan that includes increasing the top corporate tax rate to 26.5%, up from the current rate of 21%. Leaders such as House Speaker Nancy Pelosi, D-Calif., call the bill an effort at transformational change. At an event last week in Connecticut, Pelosi said the legislation working through Congress now “is about a vision for our country that is transformative, that frees people to reach their aspirations without concern that their children or their parents or their disabled relative are not cared for.”
The 2017 Republican tax cuts survived a Democratic-controlled House, Senate, and White House largely intact — and they’re likely here to stay. Top Democrats conceded they fell short of their original ambitions, citing the need to muster unanimity in a caucus that spanned the ideological spectrum from progressives to fiscal moderates. “In these kinds of debates, you always kind of set out where you want to go,” Sen. Ron Wyden, chair of the Finance Committee, told Insider. “When you’re looking for 50 votes, you don’t get everything you want.”
“If Trump gets elected, he’ll cut taxes for him and his rich friends at the expense of working families. We can’t let that happen,” Biden said last week on social media. Biden’s recent budget and a memo Thursday by top Biden economic adviser Lael Brainard laid out the White House’s vision for bringing in new revenue: raise the corporate tax from 21% to 28%.
Sen. Elizabeth Warren, D-Mass., said in a speech Monday: “The 2025 tax fight will create a huge opportunity to break with decades of tax-cutting political orthodoxy and reshape the tax code to reflect our nation’s values by raising taxes on the wealthy. That’s what Americans across the country are demanding, that’s what Joe Biden is running on, and that’s a big reason why Joe Biden will win in November. Next year, we must raise taxes on giant corporations and billionaires.”
tl;dr
Corporate tax dropped from 35% to 21% by Trump in 2017 (TCJA)
2022, Shit! Sorry guys, we aren’t a cohesive bunch (but student loans are next, we promise)
2024, Elect Biden! We will raise taxes to 28%! (not the original 35%)
I read the comments above, I saw @ModestMeme@lemm.ee with 18 upvotes and 1 downvote. I was confused and decided to look up an article so I’m not just blindly tucking something false into the back of my head (conservative relatives and area, I have to have my shit together when I’m talking in public around here).
I just spent the last 2 hours, for you beautiful fuckers, going down all these rabbit holes and reading article after article and constructing this timeline instead of making fried rice. Please don’t be like ModestMeme and at least put one singular link up if you’re trying to declare something as factual. You might find in your search that you were misinformed and let everyone know for the love of god. We need to keep our facts and shit together so we can all push forward together without misconstruing how we got here in the first place.
The President can’t write a law or simply decree a law to be over. That’s up to Congress. Not the President.
Congress did indeed have a couple years of the slimmest margin of Democratic control. But Democrats aren’t all the same. There is a range of ideology and ultimately they’re not in lock step with each other. And in some cases, they behave not strictly as a Democrat normally would behave, or as those here on Lemmy want them to behave. Joe Manchin, Krysten Sinema, and those in the so-called Blue Dog Coalition. Russian asset Tulsi Gabbard was another “Democrat” from this time period who wasn’t as left wing as we wished for…
You can blame the broad range of “Democrats” all you want. You can view a president as having direct control over law all you want. But that doesn’t account for individual differences within a party that with such a slim margin, can derail national progress.
Vote. Every election. Especially the small ones. Good candidates start at the local level.
Holy fucking receipts mackerel! Well done. This is going into my archive for future reference. 🙏
On a less exciting note, this perfectly demonstrates how the ratchet works. Republicans take a step benefiting the owner class, then Democrats plan to undo it but somehow fail keeping a veneer of plausible deniability. Rinse and repeat while the working class gets poorer and poorer.
I do and I think the party has tools to whip them into shape if they wished to. E.g. threatening to do their job by investigating the conflict of interest issues of Manchin’s wife. Or paying them off. You know, if they wanted to I’m sure they could have found options. The Republican party demonstrated a few of those for whipping their own. But I think a much more plausible explanation is that the vast majority of owner class donors to the Democratic party were happy with them failing to whip Manchin and Sinema into voting with the party.
It’s almost like the Democrats are controlled opposition? Especially with their recent gripes about the RaDiCaL lEfT asking them not to confirm Marco Rubio on the first vote nearly unanimously. And do things like, quorum counts. To slow the wheels of authoritarianism.
It literally reads like they don’t even pay attention to their jobs in any real way. Like the whole job is getting elected and everything that comes after is just not getting caught.
This is about extending Trump’s existing tax cuts. Cuts that were not cancelled by Biden throughout his mandate. So sure, they didn’t enact them but they did inact on them once they had the power.
How was Biden going to cancel an act of Congress?
You should probably be asking Biden then,
(Sep 10, 2020) Joe Biden pledges to roll back Trump’s corporate tax cuts on ‘day one,’
(March 22, 2021) Why Biden won’t be able to totally undo Trump’s tax cuts
(September 13, 2021) Democrats Hope To Undo Many Trump Tax Cuts To Fund Biden’s $3.5 Trillion Budget Plan
(Aug 11, 2022) Democrats ran on undoing Trump’s tax cuts for the rich. But they’re here to stay.
(June 18, 2024) Biden ramps up push to end Trump’s tax cuts for the wealthy, highlighting the choice in the 2024 election
tl;dr
I read the comments above, I saw @ModestMeme@lemm.ee with 18 upvotes and 1 downvote. I was confused and decided to look up an article so I’m not just blindly tucking something false into the back of my head (conservative relatives and area, I have to have my shit together when I’m talking in public around here).
I just spent the last 2 hours, for you beautiful fuckers, going down all these rabbit holes and reading article after article and constructing this timeline instead of making fried rice. Please don’t be like ModestMeme and at least put one singular link up if you’re trying to declare something as factual. You might find in your search that you were misinformed and let everyone know for the love of god. We need to keep our facts and shit together so we can all push forward together without misconstruing how we got here in the first place.
The President can’t write a law or simply decree a law to be over. That’s up to Congress. Not the President.
Congress did indeed have a couple years of the slimmest margin of Democratic control. But Democrats aren’t all the same. There is a range of ideology and ultimately they’re not in lock step with each other. And in some cases, they behave not strictly as a Democrat normally would behave, or as those here on Lemmy want them to behave. Joe Manchin, Krysten Sinema, and those in the so-called Blue Dog Coalition. Russian asset Tulsi Gabbard was another “Democrat” from this time period who wasn’t as left wing as we wished for…
You can blame the broad range of “Democrats” all you want. You can view a president as having direct control over law all you want. But that doesn’t account for individual differences within a party that with such a slim margin, can derail national progress. Vote. Every election. Especially the small ones. Good candidates start at the local level.
Holy fucking receipts mackerel! Well done. This is going into my archive for future reference. 🙏
On a less exciting note, this perfectly demonstrates how the ratchet works. Republicans take a step benefiting the owner class, then Democrats plan to undo it but somehow fail keeping a veneer of plausible deniability. Rinse and repeat while the working class gets poorer and poorer.
Didn’t Democrats hold the house and senate for 2 years?
If you call Manchin and Sinema democrats
I do and I think the party has tools to whip them into shape if they wished to. E.g. threatening to do their job by investigating the conflict of interest issues of Manchin’s wife. Or paying them off. You know, if they wanted to I’m sure they could have found options. The Republican party demonstrated a few of those for whipping their own. But I think a much more plausible explanation is that the vast majority of owner class donors to the Democratic party were happy with them failing to whip Manchin and Sinema into voting with the party.
Isn’t it strange how that keeps happening?
It’s almost like the Democrats are controlled opposition? Especially with their recent gripes about the RaDiCaL lEfT asking them not to confirm Marco Rubio on the first vote nearly unanimously. And do things like, quorum counts. To slow the wheels of authoritarianism.
It literally reads like they don’t even pay attention to their jobs in any real way. Like the whole job is getting elected and everything that comes after is just not getting caught.
Gestures wildly at the Trump administration