When the House Democrats unveiled their tax-raising plan to pay President Joe Biden’s 3.5 3.5 trillion spending bill last week, a surprising group was largely incomplete: the billionaire.
“You might have thought that Democrats would be interested in paying taxes to the 600 billionaires in America whose fortunes have risen by tr 1. trillion since the outbreak began,” wrote author Robert Reich, who was U.S. Secretary of Labor in the Obama administration. Ryke wrote in The Guardian on Sunday that “this amount could only finance half of Biden’s plan – and still leave billionaires as rich.”
Senior House Democrats have decided to raise revenue instead of the “traditional theoretical” way – taxing annual income, “instead of huge assets,” Rich explained.
Democrats could also target America’s largest corporations – “waking up in cash but paying a tax,” Reich wrote. Of the S&P 500 or Fortune 500 corporations, 39 have “completely not paid any federal income tax from 2018 to 2020. Yet they have given their shareholders a combined profit of $ 122 billion,” Reich noted.
Yet “significantly,” Democrats decided to keep corporate tax rates “below the level they were in when Barack Obama was in the White House,” Reich wrote.
Democrats don’t want to mess with wealth because they are controlled by wealth, Reich writes. Many of them rely on those resources to finance their elections, he explained. “They fear becoming the target of a well-funded advertising campaign that accuses them of voting for a ‘job-killing’ tax.”
Republicans “sold their souls for money a long time ago, but the House Democrats’ cowardice shows how much money is being talked about at Franklin D. Roosevelt’s party these days,” Reich wrote.
“The debate over taxes is actually a debate over the distribution of wealth and power,” Rich warned, “and that issue is going to be more stressful and more critical.
“Behind this will be this simple but important question: which party represents the average working people and which is brighter for the rich?”
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