I can’t stop laughing.
“Sen. Joe Manchin (D-W.Va.) forewarned in a radio interview Monday that he will not support a hike in the corporate tax rate from 21% to 28% as proposed in President Biden’s infrastructure bill, adding that there are “six or seven other Democrats that feel very strongly about this.”
Jimmy Dore is right that we have two rightwing neoliberal parties on economics. Joe Biden had already taken a wealth tax, fixing the carried interest loophole and raising the capital gains tax off the table. He moved the goalposts from raising taxes on +$250,000 households to $400,000 households because so many of his own voters are affluent suburbanites. Democratic governors and House Democrats are already saying that eliminating the SALT deduction cap is a line in the sand.
Joe wasn’t even planning to eliminate the Trump tax cuts OR take the corporate rate back to what it was before 2017. Joe was only willing to go halfway on raising the corporate tax rate and now Joe Manchin and the corporate Democrats are saying that is a bridge too far like the $15 minimum wage. We now have the answer to Matt Karp’s question about whether Democrats were willing to tax their affluent new constituents to pay for social democracy. Plainly, the answer to that question is NO.
Are these new Democrats willing to tax Wall Street? NO.
Are these new Democrats willing to tax the wealthy? NO.
Are these new Democrats willing to tax Corporate America? NO.
Look at it this way: it is so bad that the $2,000 that the Democrats promised everyone didn’t happen. Plus, they cut the eligibility of the $1,400 stimulus check to ensure that less people qualified for it than under Trump.