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Biden backs taxing the wealthy and corporations more heavily and has privately supported the proposal focused on taxing billionaires, according to a person familiar with his thinking. Republicans do not support Biden’s social spending bill and will also likely oppose the billionaire tax. The capital gains tax for assets held over a year top out at 23.8% currently, less than the 37% maximum for regular income. A ProPublica report in June said Soros paid no federal income tax for three years in a row. Still, the proposal would put new pressure on the IRS, which enforces U.S. tax law and has been hollowed out here by budget cuts and hobbled by obsolete technology.
Persons: Erin Scott, Nancy Pelosi, , , Leon Cooperman, Gabriel Zucman, ” Zucman, Joe Biden, Joe Manchin, that’s, Tim Laffey, Mitch McConnell, George Soros, Soros, Jeff Bezos, Tesla, Elon Musk Organizations: WASHINGTON, Democratic, U.S, REUTERS, University of California, Biden, Rockefeller Capital Management, Revenue Service Locations: Washington , U.S, Berkeley
(CNN) Nick Clegg shot to national fame as a cuddly liberal in 2010 in the UK. (Facebook has tried to discredit the leaks as a partial view, and argues it does try to keep the platform safe.) But how could a man who led a party called Liberal Democrats defend a company accused of flouting the spirit of both those words? In the world of liberal British politics, there are few things worse than cozying up to the party of Margaret Thatcher. So for those wondering how the onesie-owning idealist could end up putting out fires for a more powerful partner: it's not the first time.
Persons: Nick Clegg, Clegg, Mark Zuckerberg, Margaret Thatcher, David Cameron's, Luke McGee, it's, Read Organizations: CNN, Facebook, Liberal, Clegg's Liberal Democrats, Conservative Party Locations: America, Cleggmania, British, London
A general view ahead of the inaugural session of the German lower house of Parliament Bundestag in Berlin, Germany, October 26, 2021. REUTERS/Fabrizio BenschBERLIN, Oct 26 (Reuters) - Germany's new lower house of parliament, the Bundestag, met for the first time on Tuesday following a federal election last month. Germany elected a new Bundestag - the 20th in its post-war federal history - in a national election on Sept. 26. Her appointment would ensure the country's three top political offices - the others being chancellor and federal president - are not all held by men. The federal president puts forward a candidate that he or she believes is capable of winning an absolute majority in the Bundestag.
Persons: Fabrizio Bensch BERLIN, ANGELA MERKEL, Merkel, Olaf Scholz, Miranda Murray, Alexander Ratz, Sarah Marsh, John Stonestreet Organizations: Bundestag, REUTERS, Social Democrats, SPD, Greens, Free Democrats, FDP, Thomson Locations: Berlin, Germany, Bundestag
Stella Tan, Daniel Guillemette , Rob Szypko and Lisa Tobin andListen and follow The DailyApple Podcasts | Spotify | StitcherWhen Democrats first set out to expand the social safety net, they envisioned a piece of legislation as transformational as what the party has achieved in the 1960s. In the process, they hoped that they’d win back the working-class voters the party had since lost. But now that they’re on the brink of reaching a deal, the question is whether the enormous cuts and compromises they’ve made will make it impossible to fulfill either ambition.
Persons: Stella Tan, Daniel Guillemette, Rob Szypko, Lisa Tobin, they’ve Organizations: Spotify
"You hear these numbers, $3.5 trillion, $1.7 trillion - we pay for it all. Democrats are seeking to coalesce around two key pieces of legislation - an up-to-$2 trillion social spending and climate change package and a $1 trillion infrastructure bill - to make good on Biden's campaign promises. But we're working each one of them," Schumer told reporters after the meeting. "That’s my hope," Biden told reporters as he departed Wilmington in his home state of Delaware en route to neighboring New Jersey. "We believe we're going to get it done and we're making progress every day," White House spokesperson Karine Jean-Pierre told reporters aboard Air Force One.
Persons: Joe Biden, Biden, Joe Manchin, Chuck Schumer, zeroing, I'm, let’s, Manchin, Kyrsten Sinema, Schumer, Jonathan Ernst, that’s, Karine Jean, Pierre, Nancy Pelosi, Nandita Bose, Steve Holland, David Morgan, Doina Chiacu, Jarrett Renshaw, Susan Heavey, Chizu Nomiyama, Heather Timmons, Peter Cooney Organizations: White House, Democratic, Capitol, Delaware Air National Guard Base, REUTERS, Sunday, Air Force One, House, Thomson Locations: KEARNY, N.J, Scotland, New Jersey, Kearny , New Jersey, Newark , New Jersey, New Castle , Delaware, U.S, Rome, Glasgow, Wilmington, Delaware, Plainfield , New Jersey, Newark, Washington
The four weeks provision was recently presented as a compromise to the 12 weeks Biden initially proposed. Asked Monday if he had concerns about the paid leave proposal, Manchin said: "I'm concerned about an awful lot of things." Even if Democrats were to settle on four weeks paid parental leave, the U.S. would still lag numerous countries. Fresh opposition to paid family leave, a priority for Biden and progressives, could deal a significant setback to negotiations over the bill. Phil Murphy (D) for offering paid leave in his state, but made little other mention of his own leave proposal.
Persons: Joe Biden's, Sen, Joe Manchin, Biden, Manchin, Arizona Sen, Kyrsten Sinema, Phil Murphy, Joe Biden, Evan Vucci, Chuck Schumer, Schumer, Jim Clyburn Organizations: WASHINGTON, Democrats, Republican, University of California, Democratic, Biden, NJ Transit, NBC News, Republicans, House, Moderate, Rep, West Locations: U.S, Los Angeles, Arizona, New Jersey, Kearny , N.J, Rome, Glasgow, Scotland, Delaware, West Virginia, South Carolina
The proposal to tax oil and gas producers for methane emissions above a certain threshold faces opposition from U.S. The U.S. Environmental Protection Agency is expected to announce new rules this week to reduce methane emissions. The United States recently announced a Global Methane Pledge with the European Union to cut methane emissions 30% by 2030. The American Petroleum Institute industry group lobbied to kill the methane fee being discussed in Congress, which it called duplicative and punitive. The group said it broadly supports the EPA's efforts to regulate methane from existing oil and gas operations.
Persons: Long's, Rick Wilking, Joe Manchin, Texas, Joe Biden, Biden, Jarrett Renshaw, Valerie Volcovici, Leslie Adler, Will Dunham Organizations: REUTERS, Democratic, White, Environmental Protection Agency, United, European Union, of Representatives Energy, Commerce, Senate, American Petroleum Institute, Thomson Locations: Rocky, Boulder , Colorado, U.S, West Virginia, Scotland, United States, Philadelphia, Washington
Manchin, one of two Democratic holdouts along with Senator Kyrsten Sinema, told reporters at the Capitol that he believed a deal on a framework for the social spending bill could be reached this week. "That’s my hope," Biden told reporters as he departed Wilmington in his home state of Delaware en route to neighboring New Jersey. "We believe we're going to get it done and we're making progress every day," White House spokesperson Karine Jean-Pierre told reporters aboard Air Force One. "It went well," he told reporters before the New Jersey events. Democrats have a few more things to work out, Biden said, "but it went well."
Persons: Joe Biden, Jonathan Ernst KEARNY, Biden, Joe Manchin, Chuck Schumer, zeroing, I'm, let’s, Manchin, Kyrsten Sinema, that’s, Karine Jean, Pierre, Nancy Pelosi, Nandita Bose, Steve Holland, David Morgan, Doina, Susan Heavey, Jonathan Oatis, Chizu Nomiyama, Heather Timmons Organizations: Delaware Air National Guard Base, REUTERS, White House, Democratic, Capitol, Sunday, Air Force One, House, Democrats, Thomson Locations: Newark , New Jersey, New Castle , Delaware, U.S, N.J, Scotland, New Jersey, Kearny , New Jersey, Rome, Glasgow, Wilmington, Delaware, Plainfield , New Jersey, Newark, Washington
REUTERS/Jonathan ErnstWILMINGTON, Del., Oct 25 (Reuters) - U.S. President Joe Biden on Monday said he hopes his fellow Democrats can reach an agreement on his "Build Back Better" agenda this week ahead of upcoming U.N. climate talks in Glasgow, Scotland. "That’s my hope," he told reporters as he departed Wilmington in his home state of Delaware. Asked if there could be a vote in Congress this week, he added, "I don't know." House of Representatives Speaker Nancy Pelosi on Sunday said a vote on the infrastructure package was planned for this week after Democrats reach an agreement on the other budget measure. "It went well," he told reporters ahead of events scheduled in New Jersey.
Persons: Joe Biden, Jonathan Ernst WILMINGTON, Nancy Pelosi, Biden, Joe Manchin, Nadita Bose, Doina, Susan Heavey, Jonathan Oatis Organizations: Delaware Air National Guard Base, REUTERS, Sunday, Democratic, Democrats, Thomson Locations: Newark , New Jersey, New Castle , Delaware, U.S, Del, Glasgow, Scotland, Wilmington, Delaware, New Jersey
U.S. President Joe Biden speaks to reporters before departing for Newark, New Jersey from the Delaware Air National Guard Base, New Castle, Delaware, U.S., October 25, 2021. REUTERS/Jonathan ErnstWILMINGTON, Del., Oct 25 (Reuters) - U.S. President Joe Biden on Monday said weekend discussions with Democratic Senator Joe Manchin went well and that he hopes to have a spending deal before next week's G20 climate talks in Glasgow. "It went well," he told reporters as he departed Wilmington, Delaware en route to New Jersey. They have a few more things to work out, he said, "but it went well." Reporting by Nadita Bose and Doina Chiacu; writing by Susan HeaveyOur Standards: The Thomson Reuters Trust Principles.
Persons: Joe Biden, Jonathan Ernst WILMINGTON, Joe Manchin, Nadita Bose, Doina, Susan Heavey Organizations: Delaware Air National Guard Base, REUTERS, Democratic, Thomson Locations: Newark , New Jersey, New Castle , Delaware, U.S, Del, Glasgow, Wilmington , Delaware, New Jersey
Drugmakers are seeking to block laws that would give the U.S. government authority to negotiate prices for prescription medicines. Menendez and Peters have advocated for alternative scaled-back drug pricing reforms that would still allow Medicare to negotiate drug prices but would lead to significantly smaller savings. The United States is an outlier as most other developed nations do negotiate drug prices with manufacturers. The healthcare industry is the second largest industry lobbying group in the United States behind the finance sector. The pharmaceutical industry has spent hundreds of millions of dollars per year to sway federal and state policy.
Persons: Srdjan, Drugmakers, Kyrsten, Robert Menendez, Scott Peters of, Sinema, Menendez, Peters, Frank Pallone, , , Steve Ubl, PhRMA, Amgen, Joe Biden, Larry Levitt, Kaiser, , Lovisa Gustafsson Organizations: Reuters, Democratic Party, U.S, REUTERS, Pfizer Inc, Amgen Inc, Pharmaceutical Research, Manufacturers of America, Center for Responsive Politics, Robert Menendez of New, Democrats, Pfizer, Medicare, Sinema, Kaiser Family Foundation, United, , Democratic, ” Corporations, Commonwealth Fund Locations: Ljubljana, OpenSecrets, Arizona, Robert Menendez of, Robert Menendez of New Jersey, Scott Peters of California, New Jersey, H.R, United States, Peters
WASHINGTON — Democrats in Washington and across the country have been wondering the same thing for months: how they can wear down Sen. Kyrsten Sinema, D-Ariz. Arizona activists took the opposite approach, pursuing Sinema into a bathroom earlier this month to harangue her. Sinema described her own legislative philosophy — and how it changed when she was in the Arizona legislature — in a 2009 book. The challenge for Democratic leaders is not that Sinema is enigmatic or erratic, it's that she is holding firm to positions they don't agree with. But if they can pass Biden's plan in some form, it will not be in spite of Sinema.
Persons: Sen, Kyrsten Sinema, Joe Biden's, Joe Manchin, W.Va . Biden, Sinema, Biden, Ruben Gallego, Sinema —, Republican Sen, John McCain, John LaBombard, LaBombard, , Gallego, Manchin, Chuck Schumer, MSNBC's Jonathan Capehart, Elizabeth Warren, haven’t, Warren Organizations: WASHINGTON, Democrats, White, Democratic, Republican, Arizona, Harvard, Marine Corps, CNN, IRS Locations: Washington, Arizona, Washington and Arizona, Wilmington , Delaware
"I'm a climate change activist, and I talk about climate change all the time, but you have to meet people where they are." Some activists have begun to argue that a wider proportion of Americans are amenable to policies that combat climate change if you talk less about "climate change" — because the issue has become so polarized — and more about the specific impact on jobs, the economy and the environment. Instead of climate change, he talks about air quality, forest fires and the impact of decreasing snowpack from warmer winters on ski resorts in his district. It's a message Biden has emphasized at times, too, such as his saying in his joint address to Congress this year, "When I think climate change, I think jobs." Sabine Marx, the director of research for the National Center for Disaster Preparedness at Columbia University's Earth Institute, has described the approach as "leading to" climate change, rather than "leading with" climate change.
Persons: WASHINGTON — Sen, Joe Manchin, Joe Biden's, Benji Backer, Hurricane Ida, Branden Eastwood, Backer, Ron DeSantis, Donald Trump, John Curtis, John Cornyn, Sean McElwee, Biden, Sabine Marx, Jim Justice, Manchin Organizations: Biden, American Conservation Coalition, Democratic Party, Getty, Florida Gov, Republican, Conservative Climate Caucus, National Center for Disaster Preparedness, Earth Institute, Columbia Climate School, Yale, Washington, Trump :, West Virginia Gov, Democrat Locations: Scotland, Manchin, Philadelphia, Hurricane, Utah, Sen, Texas, California, China, America, Columbia, U.S, Manchin's West Virginia, Massachusetts, Trump : Texas , Iowa , Oklahoma, Kansas, West Virginia
The Democrats’ Wealth-Tax Mirage
  + stars: | 2021-10-25 | by ( The Editorial Board | ) www.wsj.com   time to read: 1 min
Democrats are scrambling to finance their spending bill after Arizona Sen. Kyrsten Sinema shot down their plans to raise corporate and individual income-tax rates. Thank you, Senator. But now Democrats are reaching deep into their grab-bag of revenue tricks and may pull out a wealth tax on “billionaires.”Nancy Pelosi confirmed on CNN’s State of the Union Sunday that the Democrats’ spending bill will probably “have a wealth tax.” Give the Speaker credit for candor. The Biden Administration is pretending that Oregon Sen. Ron Wyden’s plan to tax unrealized capital gains of “billionaires” is something else.
Persons: Arizona Sen, Kyrsten Sinema, ” Nancy Pelosi, Biden, Oregon Sen, Ron Wyden’s Organizations: Union Sunday, candor Locations: Arizona, CNN’s State, Oregon
Democrats have argued for higher income and corporate tax rates for years, saying wealthy Americans and companies should pay more to fund new social benefits, but their struggle to enact such measures underscores the challenges the party faces. U.S. Treasury Secretary Janet Yellen on Sunday rejected calling the measure a “wealth tax.”“It’s not a wealth tax, but a tax on unrealized capital gains of exceptionally wealthy individuals,” Yellen said during an interview on CNN. “The billionaires tax ... has an appeal, but it doesn’t produce that much money,” she told CNN. Pelosi said lawmakers have an array of other options to fund the spending bill even without the corporate tax rate hike, including better tax enforcement and international tax harmonization. Biden administration officials have said they are confident Congress will approve legislation to implement a global corporate minimum tax agreed to by 136 countries.
Persons: Tom Brenner, Kyrsten, Joe Biden’s, Joe Manchin, Janet Yellen, ” “, ” Yellen, Nancy Pelosi, , Pelosi Organizations: Reuters, U.S, Capitol, REUTERS, Democratic, White House, White House . U.S, Treasury, CNN, Biden Locations: American, Washington , U.S, White House .
WASHINGTON—Democrats are considering a new tax on billionaires to help pay for President Biden’s agenda. The tax would help raise money to pay for spending proposals, including expanded child tax credit and climate-change policies. While Mr. Biden didn’t support the idea during the 2020 campaign, he turned to it after a different capital-gains tax change failed to get enough support among some congressional Democrats and after Sen. Kyrsten Sinema (D., Ariz.) objected to other tax-rate increases.
Persons: Biden’s, Biden, Sen, Kyrsten Sinema Organizations: WASHINGTON
WASHINGTON—Democrats are sprinting to wrap up negotiations over their wide-ranging social-policy-and-climate bill, facing a weekend deadline to resolve disagreements on tax policy and healthcare, among other issues. President Biden, speaking to reporters before departing Delaware for an event in New Jersey, said he was hopeful for an agreement before leaving for Europe later this week. “It’d be very positive to get it done before the trip,” Mr. Biden said.
Persons: Biden, , ” Mr Organizations: WASHINGTON Locations: Delaware, New Jersey, Europe
The Democrats’ Tax Plan Would Sink Real Estate
  + stars: | 2021-10-25 | by ( Dan Palmer | David Williams | ) www.wsj.com   time to read: 1 min
The most lasting effects of government policies are often the unintended consequences. Americans learned this lesson the hard way in the aftermath of the 1986 Tax Reform Act. The tax proposals in the Democrats’ $3.5 trillion budget-reconciliation bill have the potential to kick off economy-crippling events similar to the savings-and-loan crisis of the late 1980s. The landmark 1986 Tax Reform Act reduced the top personal income-tax rate from 50% to 28%. The unintended consequences were many and profound.
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Paid leave is part of the Democrats’ giant budget proposal, which includes other family policies like child and elder care. For paid leave, decreasing the number of weeks is a simple way to lower the price. Some leave is better than none, researchers said, but evidence from around the world suggests that four weeks is too little to reap the full benefits. The rest of the world, including low-income countries, have found a way to do this.”Globally, the average paid maternity leave is 29 weeks, and the average paid paternity leave is 16 weeks, the center’s data shows. There is one element of the paid leave proposal, however, that would put the United States at the forefront internationally: its very broad definition of family and caregiving.
Persons: Joe Manchin, Kyrsten Sinema, , Jody Heymann Organizations: Democrats Locations: West Virginia, Arizona, United States
Opinion Debate Will the Democrats face a midterm wipeout? Ezra Klein speaks to David Shor, who discusses his fear that Democrats face electoral catastrophe in 2022 and beyond unless they shift their messaging. speaks to David Shor, who discusses his fear that Democrats face electoral catastrophe in 2022 and beyond unless they shift their messaging. Bret: There’s no good climate solution unless China and India step up. On the whole, I think the slimmed-down Biden package thing could be a winner all around.
Persons: Bret, Ross Perot, George H.W, George H.W . Bush, Ezra Klein, David Shor, Zachary D, Carter, centrism, , ” Michelle Cottle, ” Thomas B, Edsall, Gail, Joe Biden —, Jenny Craig, Biden, Joe Manchin, Sinema, We’ll, There’s Organizations: Democratic Party, Biden, Trump, White Locations: George H.W ., China, India, United States
Drugmakers are seeking to block laws that would give the U.S. government authority to negotiate prices for prescription medicines. Menendez and Peters have advocated for alternative scaled-back drug pricing reforms that would still allow Medicare to negotiate drug prices but would lead to significantly smaller savings. The United States is an outlier as most other developed nations do negotiate drug prices with manufacturers. The healthcare industry is the second largest industry lobbying group in the United States behind the finance sector. The pharmaceutical industry has spent hundreds of millions of dollars per year to sway federal and state policy.
Persons: Srdjan, Drugmakers, Kyrsten, Robert Menendez, Scott Peters of, Sinema, Menendez, Peters, Frank Pallone, , Steve Ubl, PhRMA, Amgen, Joe Biden, Larry Levitt, Kaiser, Lovisa Gustafsson, Ahmed Aboulenein, Carl O'Donnell, Caroline Humer, Bill Berkrot Organizations: U.S, REUTERS, Democratic Party, Pfizer Inc, Amgen Inc, Pharmaceutical Research, Manufacturers of America, Center for Responsive Politics, Robert Menendez of New, Democrats, Pfizer, Medicare, Sinema, Kaiser Family Foundation, United, Democratic, Corporations, Commonwealth Fund, Thomson Locations: Ljubljana, OpenSecrets, Arizona, Robert Menendez of, Robert Menendez of New Jersey, Scott Peters of California, New Jersey, H.R, United States, Peters, Washington, New York
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHow Democrats are targeting billionaires with new wealth-tax planDemocrats are looking to target billionaires and their unrealized capital gains with a new wealth-tax plan. CNBC's Robert Frank reports.
Persons: CNBC's Robert Frank
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailTwo experts discuss Democrats' latest billionaire tax plan, social spending billFormer U.S. Congresswoman Donna Edwards and the Tax Foundation's Erica York join CNBC's 'Squawk Box' to break down Democrats' latest tax plan.
Persons: Donna Edwards, Erica York, CNBC's Locations: U.S
Billionaires could be taxed on unrealized capital gains on their liquid assets, Democratic officials said yesterday. That would ensnare perhaps 700 taxpayers — or the wealthiest 0.0002 percent — but Democrats hope it would generate at least $200 billion in revenue over a decade. And Senator Elizabeth Warren pushed a more sweeping version of an unrealized capital gains tax during her presidential run. “What we need is a tax that focuses on the wealth of the richest Americans.”But it faces plenty of challenges. Republicans, who have long opposed taxing unrealized gains, argue that it would create enormous bureaucracies and would be hard to implement.
Persons: Kyrsten Sinema, Ron Wyden, Elizabeth Warren, Jeff Bezos, ” Warren, It’s, Biden, it’s Organizations: Biden’s, Democratic, Senate Finance, MSNBC, PayPal Locations: Arizona
Democratic leaders in the Senate say they're ready to overhaul US marijuana laws. Lobbyists are eager to shape regulations, taxes, and other reforms. Here's Insider's list of top lobbyists influencing Capitol Hill on the issue. Many Republicans have even told Insider they're eager to vote in favor of a bill that would help more cannabis businesses access banks rather than continue to have them rely solely on cash. That's why Insider has profiled the top lobbyists on the issue.
Persons: Chuck Schumer, Democratic Sens, Cory Booker of, Ron Wyden, they're, We've, Kimberly, Yeji Organizations: Capitol, Democratic, Republicans, Wall Locations: Cory Booker of New Jersey, Oregon
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