EDITOR’S NOTE: Over the next few weeks we will be enjoying spring break and this blog will publish only periodically.
The $2.3 trillion infrastructure plan
Well so much for you can only use budget reconciliation once a year.
The Senate’s parliamentarian just cleared the way for Democrats to use it two more times this year. That will give the Democratic leadership more maneuvering room with President Biden’s $2.3 trillion infrastructure plan and an expected child-care and antipoverty package.
I guess when you’re on a spending roll, you keep on spending!
Who pays the bill?
Your kids, grandkids and their kids. Wait until it comes due and they pass judgement on us.
Senator Joe Manchin (a favorite here) said he does not approve of President Biden’s infrastructure bill as it is written. He specifically does not support the 28% corporate tax rate and thinks it should be lowered to 25%. It is 21% now.
Here’s a thought.
The cynical part of me says that the 28% proposed was done on purpose. They know it would make us uncompetitive again. As an example, it would take our tax above China. Not a good idea at this time. Thus, propose 28%, let the Manchin’s say no and take credit for 25% and fool the people again. (China’s rate is 25%.)
Don’t be fooled.
meanwhile our leaders are proposing
Treasury Secretary Yellen, said the U.S. was in talks with G-20 nations on a global minimum corporate tax. Imagine that, a global corporate tax rate.
She said this could help stop “the race to the bottom” on tax policy.
The chances of passing this are too slim to bet on. Lower tax rates are how countries attract businesses. I don’t see them wanting to raise their rates so the U.S. can raise their’s and keep business.
Just not going to happen.
new york back on top
Of what you ask?
The new taxes proposed by the Governor and supported by the legislators will put them ahead of California for the highest state taxes.
This from the NYT:
“Gov. Andrew M. Cuomo and New York State legislative leaders were nearing a budget agreement … that would make New York City’s millionaires pay the highest personal income taxes in the nation.”
How high?
The city’s top earners could pay 14.8 percent in state and city taxes, when combined with New York City’s top income tax rate of 3.88 percent — more than the top marginal income tax rate of 13.3 percent in California.
The President is proposing the Trump federal tax cut to 37% for these earners be raised back to 39.5%.
So add them together and a rate for high earners is 54.3%.
That, of course, doesn’t include social security and medicare taxes, not to mention all the taxes we pay on gasoline, cable and cell, etc.
You wonder how we save anything.
the olympics
There is a drumbeat to boycott the Olympics this year because they are in China. It is picking up momentum.
I don’t favor any boycott.
It hurts the athletes who generally have one shot at a magical moment they trained for all their lives. Why agree to China then boycott them?
I realize even our President didn’t see the China threat a year ago (C’mon man, China is going to eat our lunch?”), but why punish the dedicated athletes?
I thought it was wrong when President Carter did it in 1980 and I don’t support the drive to do it today.
One country has announced they are not going. Who? North Korea.
They cited the pandemic as the reason.
A republican senator in trouble
Senator Lisa Murkowski who has prided herself on being “independent” to the point she angered many just saw her polling results in Alaska.
The pollster said she has a “very weak image with voters.” How weak?
Well, a 63% unfavorability among all the voters, and 87% unfavorability among GOP voters. Why so unpopular with Republicans?
Her vote to convict President Trump in the impeachment trial, opposition to Justice Brett Kavanaugh’s nomination to the Supreme Court and ranking as the second most liberal Republican Senator.
Last time out she lost the Republican primary, but won reelection as an independent. That may not work this time.
can this be real?
This story in the Washington Times yesterday:
“Homeland Security Secretary Alejandro Mayorkas told department employees that he may restart border wall construction to plug what he called “gaps” in the barrier. Mr. Mayorkas was asked about his plans for the wall during a conversation with Immigration and Customs Enforcement employees last week. Although Mr. Biden canceled the border emergency order and halted Pentagon money flowing to construction of the wall, he said, “that leaves room to make decisions” on finishing some “gaps in the wall.”