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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsWhy Joe Biden Should Listen to Bernie Sanders on Corporate Taxes
Washington Monthly
The Vermont Senators plan would close the pay gap between workers and executivesand be immensely popular.
by Carter Dougherty
In April, President Joe Biden proposed raising the federal corporate tax rate from 21 to 28 percent to help pay for his $2.3 trillion infrastructure program. That increase would only partially reverse Donald Trumps 2017 epic slashing of corporate taxes from 35 to 21 percent, a policy most economists consider a flopin its intended effect of boosting business investment and economic growth. Yet limited as it is, Bidens corporate tax hike is not getting enough love in Washington.
Senate Republicans who have expressed some interest in a bipartisan infrastructure bill have also said raising corporate taxes is a deal killer. Their votes might not be needed if Democrats decide to pass the infrastructure legislation through the congressional reconciliation process. But Democratic moderates like Joe Manchin are balking too, saying theyd only be comfortable raising the corporate tax rate modestly, to 25 percent.
At a time when average Americans are profoundly concerned about stagnant wages and strongly favor raising corporate taxes to pay for infrastructureDemocrats by 85 percent, independents by 60 percent, according to a recent Morning Consult pollits more than a little dispiriting that Bidens proposal isnt getting more traction in Congress. What he needs is a smarter corporate tax plan, one that would be harder for the likes of Manchin, and maybe even some populist-leaning Republicans, to resist.
Fortunately, there is oneproposed by, of all people, Senator Bernie Sanders. But to grasp its advantages, you first have to understand why Bidens plan is floundering.
snip
The Vermont Senators plan would close the pay gap between workers and executivesand be immensely popular.
by Carter Dougherty
In April, President Joe Biden proposed raising the federal corporate tax rate from 21 to 28 percent to help pay for his $2.3 trillion infrastructure program. That increase would only partially reverse Donald Trumps 2017 epic slashing of corporate taxes from 35 to 21 percent, a policy most economists consider a flopin its intended effect of boosting business investment and economic growth. Yet limited as it is, Bidens corporate tax hike is not getting enough love in Washington.
Senate Republicans who have expressed some interest in a bipartisan infrastructure bill have also said raising corporate taxes is a deal killer. Their votes might not be needed if Democrats decide to pass the infrastructure legislation through the congressional reconciliation process. But Democratic moderates like Joe Manchin are balking too, saying theyd only be comfortable raising the corporate tax rate modestly, to 25 percent.
At a time when average Americans are profoundly concerned about stagnant wages and strongly favor raising corporate taxes to pay for infrastructureDemocrats by 85 percent, independents by 60 percent, according to a recent Morning Consult pollits more than a little dispiriting that Bidens proposal isnt getting more traction in Congress. What he needs is a smarter corporate tax plan, one that would be harder for the likes of Manchin, and maybe even some populist-leaning Republicans, to resist.
Fortunately, there is oneproposed by, of all people, Senator Bernie Sanders. But to grasp its advantages, you first have to understand why Bidens plan is floundering.
snip
more at link
Indexing corporate taxes to top Executives pay, is fair to us workers, and would pay us Dems big-time in political support.
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Why Joe Biden Should Listen to Bernie Sanders on Corporate Taxes (Original Post)
JoeOtterbein
May 2021
OP
Hoyt
(54,770 posts)1. Agree with tax hike for sure. Personally, I don't care how much top executives make
as long as corporate heads are attuned to society, employees, company, consumer, future generations, stockholders (no particular order).
Hell, if they figure out a way to give employees on the lower end a big raise, Im OK with execs getting a big increase. (talking relatively large companies.)
LetMyPeopleVote
(145,231 posts)2. Yet another sanders proposal that will not go anywhere
sanders may want to consider building support inside the Democratic Caucus if he wants his proposals to be taken seriously. There is a reason why so few of sanders proposals have ever been adopted in the real world
JI7
(89,249 posts)3. Is Sanders doing anything to get it passed in the Senate ?