President Handsome Joe Biden unveiled the $1.8 trillion American Families Plan this morning, with a tax plan that poses the philosophical question, what if rich people not only faced higher tax rates, but also, you know, eff’ing paid them?
Tiger Beat on the Potomac (thanks Charlie!) leads the morning email thingie with this story:
What IS in the Biden plan? Here are the highlights:
- $400 billion to extend the child tax credit (That’s an estimate because a White House fact sheet conspicuously did not provide the cost)
- $225 billion to subsidize and improve childcare and boost pay for childcare workers
- $225 billion for a national paid family and medical leave program
- $200 billion for free universal preschool
- $200 billion to reduce Obamacare premiums
- $109 billion for free community college
- $85 billion to boost Pell Grants
- $45 billion for childhood and school nutrition programs
The package would be paid for by increasing the top tax rate, hiking the capital gains tax and dramatically stepping up IRS enforcement of tax evasion.
Most of these new spending proposals are popular. Taxing the rich to pay for them is also popular. It’s a formula that has worked well for Biden so far. What isn’t always popular — as BILL CLINTON and BARACK OBAMA learned — is making big changes to health care. Fighting the drug lobby and the insurance industry isn’t easy. Which might explain why Biden nixed the Medicare reforms for now.
President Biden’s capital-gains tax increase would force millionaires to pay the same tax rate on investment income as Wee The Peeples pay on income earned through labor.
I think we can see where this is going:
He’s gonna feel relevant again and tell us that the optics of getting it passed along strict party lines, blah-blah-blah, so expect a doomed compromise attempt that will still get zero support from Republicans.
Come-on, Manchin, tell us the names of 10 Republicans who would in any way raise taxes on their donors.