Happy Hour News

The famous Eff-off Sen. Sinema and her eff-off ring

This sounds like good news…

Senate Democrats reach an agreement to raise taxes on some high earners

WASHINGTON — Senate Democrats have reached an agreement to raise taxes on some high earners whom they say are abusing a loophole to slash their tax bills, two sources familiar with the discussions told NBC News.

The lawmakers, the sources said, plan to close the tax break for those earning more than $400,000 a year, requiring them to pay 3.8 percent in taxes on certain income from pass-through businesses, in what is effectively a slimmed-down package after the Build Back Better Act stalled last year.

They expect that closing the tax loophole will raise about $200 billion over a decade, one source said, and the money will be used to pay for Medicare through 2031, in an effort to keep the federal health care program from going bankrupt.

Senate Majority Leader Chuck Schumer, D-N.Y., and Sen. Joe Manchin, D-W.Va., have been privately negotiating a bill that would include prescription drug savings — which they’ve reached an agreement on — as well as energy and climate funding and tax increases on upper earners and corporations. They haven’t struck a deal on a larger package and it’s unclear if they will.

But Manchin’s office on Thursday offered a vote of confidence for the tax agreement to extend the life of Medicare.

…except the word Sinema is missing, and previously she has said that raising taxes is a non-starter for her.

I don’t mean to be Davey Downer, but until we hear from her, this is not a done deal, and I fully expect her to screw the Dem’s pooch.