Senate Democrats are leaving the billionaires' tax out of their climate and spending plan due to

[Yo_Mama_Been_Loggin]

Source: Business Insider

widespread resistance in their ranks

Senate Democrats are not sticking with their previous plan for a billionaires' tax in their $2 trillion social and climate spending bill as they race to finalize the details and approve it before Christmas.

Sen. Ron Wyden of Oregon, the Senate Finance Committee chair, said his panel would release new bill text on Friday.

He's long pushed a tax on billionaires' assets, introduced in late October. But the Oregon Democrat conceded it would not form part of the new Senate legislation.

"I do not expect that it will be," Wyden told Insider on Thursday evening. "I have continued to talk to my colleagues and there is widespread awareness that this is the largest amount of money that has been scored by the Joint Committee on Taxation."

Read more: https://www.msn.com/en-us/money/markets/senate-democrats-are-leaving-the-billionaires-tax-out-of-their-climate-and-spending-plan-due-to-widespread-resistance-in-their-ranks/ar-AARGQMN

[grumpyduck]

1. Hate to put it bluntly, but

are we seeing a little pressure here from the billionaires?

[Fullduplexxx]

2. Crumbly crumbly crumbly

[MichMan]

3. There goes the selling point that it's completely paid for with higher taxes on the rich

[Bayard]

4. This

One of the big reasons it was so popular. Is this supposed to appease Manchin? Because he's not going to get on board, no matter what.

[riversedge]

8. Manchin Again!! No surprise.

[Ziggysmom]

5. VERY disappointing 😟

[BeckyDem]

6. Not surprising. n/t

[OldBaldy1701E]

7. Nope. Not at all. (n/t)

[Sgent]

9. Good

the tax as designed would have encouraged privately held businesses and discouraged public companies. Public companies are much better for the economy overall.

[Magoo48]

10. Placing economic concerns above environmental necessities is a lose, lose, lose approach.

Taxing the rich is imperative. Most wealth can be traced back to environmental exploitation. Capitalism based upon extraction economics must pay a high price now for centuries of its reckless, greedy rampage. The bill is due. If the bill isn’t paid in full, globally, and relatively fast, well, the best science has laid out the exact consequences and a startling timeline for those consequences to occur.

[Calista241]

12. Then we should keep the SALT cap, or even lower it to $5k.

SALT IS a tax on rich people. The SALT cap raises $100b / year in taxes, and coming up with a new tax to replace it seems to be unworkable.

[brooklynite]

13. This has been off the table for weeks...

(my wife was working on it)

[ck4829]

14. Kick

Last edited Sat Feb 12, 2022, 03:45 AM - Edit history (1)

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