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☆ Why Biden Is Vowing to Raise Taxes - The New York Times
▼ + stars: | 2024-03-27 | by ( Felicia Wong | ) www.nytimes.com time to read: +2 min

Such staggering accumulations of wealth are made possible in large part by the fact that America’s federal tax burden is so comparatively light. After a long period of seeming to venerate the 1 percent, or the 1 percent of 1 percent of 1 percent, American sentiment is swinging hard against this imbalance. But on the politics as well as the policy, Mr. Biden is making the right call. Economic ideas that were once dead on arrival are now gaining traction on both the left and the right. For at least the last half-century, raising taxes has been the third rail of American politics.

Persons: Joe Biden, —, Biden, Ronald Reagan, Howard Jarvis, taxers Locations: California

☆ A Surprising Shift in Economics
▼ + stars: | 2023-11-16 | by ( David Leonhardt | More About David Leonhardt | ) www.nytimes.com time to read: +1 min

A then-obscure think tank named the Roosevelt Institute released a report in 2015 that called for a new approach to economic policy. It was unabashedly progressive, befitting the history of the institute, which was created by trusts honoring Franklin and Eleanor Roosevelt. National news outlets covered the report while also noting how much of a break it represented with decades of economic policy by both the Democratic and Republican Parties. American workers have become more interested in unionizing, and labor unions in both the auto industry and Hollywood have recently won big victories. “It’s very surprising this all happened,” Felicia Wong, the longtime president of the Roosevelt Institute, told me.

Persons: Franklin, Eleanor Roosevelt, Biden, ” Felicia Wong, ” Organizations: Roosevelt Institute, Democratic, Republican, Biden, Trump, Hollywood

☆ Giving babies $1,000 at birth is an 'unprecedented opportunity for financial security,' Ayanna Pressley and Cory Booker say
▼ + stars: | 2023-03-08 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

Rep. Ayanna Pressley and Sen. Cory Booker urged the Treasury Department to support their "Baby Bonds" legislation. "This policy would provide every child in America with unprecedented opportunity for financial security," Pressley and Booker wrote in their letter. They cited reports from Columbia University and Morningstar that found Baby Bonds would "substantially" close the racial wealth gap. When we introduce baby bonds, this gap narrows to 71% for Black families and 67% for Hispanic families." Along with Pressley and Booker, other Democratic lawmakers have been stressing the benefits of Baby Bonds over the past year.

☆ Yellen sees key role for Treasury's racial equity council despite Republican criticism
▼ + stars: | 2022-12-06 | by ( Andrea Shalal | ) www.reuters.com time to read: +2 min

WASHINGTON, Dec 5 (Reuters) - U.S. Treasury Secretary Janet Yellen on Monday said a new racial equity advisory committee, which has drawn the ire of Republican lawmakers, would play a big role in helping the department address acute economic disparities faced by communities of color. Yellen told the inaugural meeting of the 25 members of the Treasury Advisory Committee on Racial Equity that the Biden administration remained focused on ensuring that disadvantaged communities were no longer left behind in the U.S. economy. "The Treasury Advisory Committee on Racial Equity will play a major role in our effort," she said. Yellen in 2021 named Janis Bowdler, a Latina activist and former head of the philanthropic arm of JPMorgan Chase & Co (JPM.N), as the department's first-ever counselor for racial equity. A spokesperson for Brady said the lawmakers had not yet received a reply from Yellen or the Treasury.

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