Tag Archives: Democrats

Democrats have an inflation problem with voters. And they’ve been pointing in a range of directions to deflect the blame for consumer prices that have increased at the highest rate in 40 years. Targets include supply chain woes, the stalled Build Back Better plan, the gas tax, and lower immigration rates. Some Democrats also contend that across the economy, big corporations have spurred skyrocketing inflation — and that means you could hear the phrase “price gouging” a lot between now and… Source link

A reader going by “Greg B” wrote in recently to protest the “topline” spending number for the Democrats’ now-moribund Build Back Better legislation. Democrats claim the bill would cost $1.7 trillion over a decade, assuming some provisions—such as an expanded child tax credit—expire after just one year. But the real goal is to keep those programs going with new legislation in the future, which means $1.7 trillion might be more like a down payment, with the real cost being a lot… Source link

In the negotiations over the Democrats’ social spending package, the fate of the State and Local Tax (SALT) cap has been one of the hardest to pin down. At some stages, the issue hasn’t been addressed at all. Other times, a full repeal has seemed to be on the table. What this controversial tax provision does is let certain taxpayers deduct their aggregated state and local taxes when it comes time to do their federal tax return. In 2017, Republicans capped the previously limitless deduction… Source link

When Commerce Secretary Gina Raimondo spoke at the recent Milken Institute global conference, moderator Andy Serwer of Yahoo Finance asked her about President Biden’s plan to offer free community college to any student who wants it. “I can tell you this,” Raimondo said. “I know it works. About four years ago, when I was the governor of Rhode Island, I worked with our legislature to put through a plan to provide every Rhode Island student two years tuition-free community college. Fast… Source link

WASHINGTON — Cleaner sources of energy, harvested by machinery made in the United States. Early childhood education subsidized by the federal government. Cheaper hearing aids and expanded health care coverage. A million units of affordable housing. Those are just some of the “truly consequential” changes Americans will see if President Biden’s $1.75 trillion Build Back Better agenda survives the meat grinder of Capitol Hill, he said on Thursday. “We will own the future,” Biden… Source link

Raising tax rates on corporations and high-income households is a key part of Democrats’ plan to pay for their proposed multi-trillion-dollar social spending plan, but opposition to that approach from Sen. Kyrsten Sinema of Arizona has sent lawmakers scrambling to find alternative ways to offset costs. Given Sinema’s resistance, there’s a growing chance that the corporate income tax rate could remain untouched in the Democratic budget bill. Even the compromise rate of 25% reportedly… Source link

The gall! A couple of moderate Democrats, Senators Joe Manchin of West Virginia and Kyrsten Sinema of Arizona, are blocking a massive spending bill that would transform the social-welfare system and turbocharge green energy. Liberal Democrats, which the Washington Post recently dubbed the “mainstream” of their party, refuse to vote for a popular infrastructure bill until they get $3.5 trillion in additional spending on a wish list of progressive priorities. Forget the regular disputes… Source link

Democrats in Congress are arguing among themselves about whether to pass a massive spending bill, or merely a large one. They should listen to voters, who are pointing the way. A new Morning Consult poll asked voters what they think of the child tax credit Democrats expanded as part of the American Rescue Plan Congress passed in March. That law sharply increased the credit for most families with kids under 18, while also eliminating a work requirement for eligibility. Low-income families that… Source link

Liberal Democrats think they’re having a moment. They’re tying up President Biden’s legislative agenda because it doesn’t tax the rich enough or lavish adequate spending on the needy. Since Democrats have tiny majorities in both the House and Senate, a few defectors can squash Biden’s entire plan. Liberals are reveling in their leverage. They shouldn’t be. The so-called progressive wing of the Democratic party may have enough heft to block action, as it has with the so-called… Source link

Funding a Roth IRA through the “backdoor” has been a favorite move of aggressive savers in recent years. But the benefit may be much less prevalent if Democrats pass their ambitious multitrillion-dollar budget reconciliation bill. The backdoor Roth maneuver lets a high-income earners contribute money to a traditional IRA and then convert it into a Roth to skirt income limitations in the Roth program, but still take advantage of the tax benefits. Once the move is made – and the relevant… Source link