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