Chat with us, powered by LiveChat
Menu

Democrats Discuss Spending Package Without Billionaire Tax

cash flow
Print Friendly, PDF & Email

EDITOR'S NOTE: The Wall Street Journal, via Zero Hedge, is reporting that the Biden administration’s proposed $3.1 trillion spending plan has been slashed down to $1.75 trillion thanks to the removal of provisions like the “billionaire tax” and paid medical and family leave. The billionaire tax was especially troubling to many, including Senator Joe Manchin (D-WV), as it taxed unrealized capital gains. This is just the latest federal finical overreaching program beat back by Manchin and Krysten Sinema (D-AZ) in recent days. They also got the provision removed that would have allowed the IRS to snoop on any back accounts over $600. Now, Biden and his supporters are scrambling to get this bill passed because, if they don’t soon, it could hurt their chances of getting the $1.5 trillion infrastructure bill through Congress as well.

After eliminating the billionaire tax as a source of revenue for their massive spending proposals, Democrats have now nixed plans to include a paid-leave program in their social spending and climate-change bill, according to the Wall Street Journal. The proposed program initially offered 4 weeks of paid leave, which was whittled down to four weeks - and has now been eliminated altogether, according  to people familiar with the matter.

Meanwhile, the White House is scrambling to bring Democrats together around the bill - which now has a $1.75 trillion price tag - down from the $3.5 trillion that House progressives insisted they wouldn't accept - holding a parallel bipartisan infrastructure bill hostage until they get their way.

Bank Failure Scenario Kit - sm2

GET YOUR FREE

BANK FAILURE SCENARIO KIT

  • This field is for validation purposes and should be left unchanged.

All articles are provided as a third party analysis and do not necessarily reflect the explicit views of GSI Exchange and should not be construed as financial advice.

Precious Metals and Currency Data Powered by nFusion Solutions