Politico: Tax The Rich? Executives Predict Biden’s Big Plans Will Flop

We’ve also dismissed Joe Biden’s populist posturing.

Politico:

“President Joe Biden wants to fund his $4.1 trillion infrastructure and family policy agenda with a huge pile of tax increases on corporations and the wealthy. The business community is dismissing the threat.

Corporate executives and lobbyists in Washington, New York and around the country say they are confident they can kill almost all of these tax hikes by pressuring moderate Democrats in the House and Senate. And they think progressive Democrats don’t really care about the costs of new programs and will be happy to push through as much spending as they can and then run on tax hikes in 2022 rather than actually pass them this year.

Interviews with over a dozen executives, lobbyists and business group officials turned up a similar theme: While Democrats might be able to push through a slightly higher top corporate rate, when it comes to higher taxes on the rich, on capital gains, on financial transactions or private equity profits, forget it. It’s not happening. …”

It is clear to us that the Democratic Party which is absorbing all of these affluent Republican establishment voters is evolving into what used to be the old Republican Party. They kind of let the cat out of the bag when hundreds of CEOs, corporations, Wall Street law firms, oligarchs and Hollywood celebrities united to put their foot down in that ad which they ran in the New York Times last month.

I’ve been pointing out for months now that the eagerness of the Democrats to spend isn’t matched by their willingness to tax their donors or their new wealthy constituents. What is Joe Biden going to do now? Is he going to roll the dice and spend another $4.1 trillion dollars through deficit spending with inflation already rearing its head? This would be betting the farm that inflation is under control.

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4 Comments

  1. I do not think that there is a dividing line, in this country, between the corporations and The United States’ Government, or, if there ever was it stoppt existing a very very long time ago.

    That so, I cannot find any reason to believe that corporations (the government) would ever undertake a measure that would transfer a lot of the tax burden from The Average Joe to large entities.

    To be fair : when I was a child, the FDR New Deal legislation, followed by decades of similar actions, were gradually dismantled by President Reagan’s choice to head ‘The Fed’, Alan Greenspan, and many congresses which, following his ‘Free Trade’ libertarian cue, relaxt regulations in banking, as well.

    Will there ever be another New Deal?

    Well, surely many folks hope so, but, given the way President Biden is, and has conducted his political affairs and allegiances, I cannot see it.

    In fact, only a very few national-level politicians even talk about this sort of thing – most recently Senator Rubio of Florida, and, most often, Senator Hawley of Missouri.

    Oh, and, yes, The very progressive edge of The Democrat Party has talkt about this issue many times, like members of ‘The Squad’, yet, their behavior on a number of issues, over the last year leads me to believe that they have been bought, too.

    • Hello Ivan;

      Yes, that good “conservative” Reagan dismantled New Deal era legislation that worked, however imperfectly to moderate some of the worst elements of unfettered capitalism. Monopoly practices, socializing losses while privatizing gains, excessive risk taking collapsing the banking system, wiping out depositors and an unregulated stock market were some of the things that changed for the better under FDR. Business always chafed under these things in their pursuit of “profit maximization” (i.e. greed) as the economists say.

      Not just Reagan but that notorious scumbag Clinton also helped dismantle financial protections such as Glass – Steagall which separated investment and retail banking until repealed in 1999. There have been a series of financial crises since Reagan: 1987, 1998, 2000, 2008 and the next one which will certainly be a grand slam home run. The worthless Republicans failed to privatize Social Security though and that would have left many people absolutely destitute had Reagan or GWB II been successful.

  2. “…It’s not happening. …”

    Tens of millions brats and diversity have also word to say. When they protest really peacefully, then miracles may happen. Like we had in 1917.

    Most aristocracies in the history were doomed by their own ignorance. This can not happen here so there is nothing needed to do. Our rotten filth had entire century to draw conclusions, make reforms and prepare. Yet 128 years after French revolution, Lenin kicked them out of power with few hundred street thugs.

  3. Wow, look how much money they have blown already and crashed the economy and we didn’t even get to top priorities like fixing our crumbling roads and bridges and HEALTH CARE. We’re screwed, my guess is a lot of elite people are just quietly waiting for things to calm down so they can put down this crazy wokeness they are as terrified of as Caligula.

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