Moderate Democrats have quietly knifed the president’s legacy bill
The Hill, a newspaper covering Congress, reports that business lobbyists are pleased that they have watered down President Biden’s proposed tax increases on corporations and wealthy individuals. One source, identified as “a lobbyist with ties to Senate Democrats,” tells The Hill, “The business community has made progress with certain Democrats on legitimate policy concerns with some of these proposals and their implications on the economy and international competitiveness.
I don’t mean to pick on The Hill, a paper that has supplied coverage of the Biden agenda that is in many ways superior to that found in bigger publications. Media catering to Capitol Hill insiders, like The Hill, have at least paid close attention to a significant development that has gained only fleeting notice in broader venues: Moderate Democrats have slashed President Biden’s progressive tax agenda.
According to The Hill, the lobbyists have argued that Biden’s plan “would slow the U.S. recovery from the coronavirus recession.” It’s not clear what basis they have for this conclusion. If mainstream economists believe Biden’s tax hikes would imperil the recovery, they aren’t saying so publicly. This exemption allows half of all capital gains to avoid any taxation, ever. The loophole is considered so ridiculous that conservatives often propose eliminating it as an alternative to increasing the estate tax. Biden is proposing to eliminate the loophole, with the exception of a generous $1 million exclusion.
Heitkampf is also so committed to combating cynicism that she has declined to disclose the identities of her group’s donors. We can probably assume that they’re mostly the hard-scrabble Black and Latino small business owners she talks about so movingly.
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