Deeply at odds, President Joe Biden and his party are facing a potentially embarrassing setback—if not politically devastating collapse of the whole enterprise—if they cannot resolve the standoff over Biden’s ambitious vision.
Staring down a self-imposed Monday deadline, lawmakers said they would work nonstop to find agreement on specifics. Democrats’ views on those vary widely, but they largely agree with Biden’s idea of raising taxes on corporations and the wealthy.
n all, the tax hikes are in line with Biden’s own proposals and would bring about the most substantive changes in the tax code since Republicans with then-President Donald Trump slashed taxes in 2017. Business and anti-tax groups are sure to object.
A Democratic senator vital to the fate of President Joe Biden’s $3.5 trillion plan for social and environmental spending said Sunday he won’t support even half that amount or the ambitious timetable envisioned for passing it.
The expanded menu of tax options would give Democrats more flexibility as they undertake thorny negotiations among themselves over how to pay for a proposed $3.5 trillion of long-term investments in child care, education and other social programs.
House Democratic leaders have muscled President Joe Biden’s multi-trillion-dollar budget blueprint over a key hurdle, ending a risky standoff and putting the party’s domestic infrastructure agenda back on track.
Tensions flared overnight as a band of moderate lawmakers threatened to withhold their votes for the $3.5 trillion plan. They were demanding the House first approve a nearly $1 trillion bipartisan package of road, power grid, broadband and other public works projects that’s already passed the Senate.
House Speaker Nancy Pelosi faced a fresh hurdle Friday to passing President Joe Biden’s multi-trillion dollar domestic policy aspirations, as nine moderate Democrats threatened to derail a budget blueprint crucial to opening the door to much of that spending.
The real test will be when Democrats write and vote on subsequent legislation actually enacting the party’s priorities into specific spending and tax policies.
The measure lays the groundwork for separate legislation later this year that over a decade would pour mountains of federal resources into Democrats’ top priorities, with much of it paid for with tax increases on the rich and corporations.
Nearing decision time, senators are wrapping up work on the bipartisan infrastructure plan, and talks were under way late Thursday to expedite consideration and voting on the nearly $1 trillion proposal.
At least a dozen profitable major U.S. companies paid little or no U.S. income tax in 2020 but are active in industry groups that object to helping fund with taxes the same public projects they want to profit from.
The proposal to go after taxpayers who skip out on income taxes initially had potential bipartisan appeal, but outside groups came forward to lambaste it as a way to enable the IRS to snoop around Americans’ personal finances.
Democrats see this as a landmark program along the same lines as Social Security. But many Republicans warn that the payments will discourage parents from working and ultimately feed into long-term poverty.
Overall tax collections came in about 14% higher than a year ago, giving Indiana a surplus of almost $3.9 billion and triggering a tax refund.
Sen. Bernie Sanders said Monday that he and President Joe Biden are on the same page as Democrats draft a “transformative” infrastructure package unleashing more than $3.5 trillion in domestic investments on par with the New Deal of the 1930s.
The agreement announced Thursday is an attempt to address challenges presented by a globalized and increasingly digital world economy in which profits can be relocated across borders.
The support line for individual income tax returns received about 85 million calls, with only about 3% reaching a customer service representative, according to the taxpayer advocate report.
The group had been narrowing on a much smaller but still sizable $1 trillion proposal of road, highway and other traditional infrastructure projects.
President Joe Biden wants to increase taxes for corporations and those households making more than $400,000 a year. Republicans have ruled that out, putting forward alternatives that Democrats find unacceptable.
