Should a tally be kept on how many campaign promises Joe Biden was unable to fulfil?
On Wednesday, the White House gave Democrats some more bad news on the so-called ‘Build Back Better’ spending bill that’s seen a significant reduction in price during weeks of negotiations.
At it’s inception, the bill would have cost the American taxpayer $3.5 trillion — and probably even more. The results would have been harrowing during an era of skyrocketing inflation and the threat of massive tax rises.
Now Biden says he’s willing to accept a $1.9 trillion package.
The White House informed liberal lawmakers that not only has the bill been cut in half, but they will be unable to rely on funds generated from corporate tax rises to pay for it, according to sources close to the negotiations.
The mentally retarded president initially planned to hike the corporate tax rate to 21% from 28%, a key campaign promise. However, in a private meeting with Democrats, Biden informed lawmakers that a proposed hike in corporate taxes is now off the table due to concerns from moderate Democrats. Negotiators believe this move will sway Republican support for the bill as well.
Biden, his aides and congressional leadership are racing to close a deal as soon as this week on a set of tax hikes they hope will fund more than $1.75 trillion over a decade in new programs ranging from childcare to eldercare, healthcare, affordable housing and climate change mitigation.
They have no margin for error because Democrats hold only narrow majorities in the House of Representatives and Senate. Republicans oppose the legislation.
“The president knows that he’s not going to get everything he wants in this package,” White House mouthpiece Jen Psaki told reporters on Air Force One.
Biden, who framed the 2020 election against Republican then-President Donald Trump as one between working-class Scranton, Pennsylvania, and Manhattan’s Park Avenue, pitched the tax hike as an effort to make sure the wealthy and corporations pay their fair share. Trump and congressional Republicans cut corporate rates to 35% from 21% soon after taking office.
On the campaign trail and soon after taking office, Biden lauded a corporate tax hike, claiming he’d use the extra revenue to fund a litany of social services programs he argued will put the U.S. on a more stable economic ground to compete with China.
Hm..making it more expensive to do business and build industries seems to have the opposite effect of economic stability.
Business groups and Republicans have fought the measures, arguing they will hamper the economy’s recovery from the COVID-19 pandemic.
Democrats are now forced to seek alternate financing options for the bill’s massive price tag. Sources close to the White House reveal liberal leaders are considering taxes on stock buybacks and business partnerships.
Why the Democrats want to make it more expensive for Americas to succeed economically is beyond the pale.
Author: Elizabeth Tierney