Democrats' lofty tax agenda imperiled by resistance from within
Democrats swept into power earlier this year promising to raise tax rates on corporations and the wealthy to pay for their ambitious social agenda.
Both have been dramatically pared back, with a suite of their initial ideas on taxes in particular imperiled by resistance from within the party.
To meet the demands of Sen. Kyrsten Sinema (D-Ariz.), the White House agreed to drop a proposed 3 percent tax on taxpayers earning over $5 million, instead agreeing to target the higher tax to those earning more than $10 million, two people familiar with the matter said on the condition of anonymity to discuss the internal negotiations. The move exempted roughly 35,000 of the wealthiest Americans, or approximately .02 percent of the richest 1 percent, from the new levy, according to the most recent Internal Revenue Service data.
The Biden administration also agreed to pull a proposed tax in late October targeting 700 billionaires after it faced criticism from a number of top Democrats, including House Speaker Nancy Pelosi (Calif.), who complained in one phone call with senior party officials on Oct. 26 that the plan amounted to a publicity stunt, two people familiar with the matter said. Sen. Joe Manchin (D-W.Va.) also raised substantive objections to the plan.
https://www.msn.com/en-us/news/politics/democrats-lofty-tax-agenda-imperiled-by-resistance-from-within/ar-AAQzZaV
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