Scoop: Biden doesn't plan to revive SALT deduction, possibly losing key moderates

By artappraiser on Thu, 04/01/2021 - 6:28pm |

New w @HansNichols: President Biden is unlikely to propose reinstating state and local tax deductions in his second tax-and-spending package despite pressure from several fellow Democrats, according to people with direct knowledge of the planning. https://t.co/rUp9kcGkVt
— Jonathan Swan (@jonathanvswan) April 1, 2021

URL:

https://www.axios.com/biden-salt-tax-deduction-a8213dd1-7609-4fe8-bc5a-8ee0f9848187.html

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[....] Behind the scenes: A commonly held view at the senior level of the Biden administration is that capping SALT — which Trump did to save money and punish his blue-state enemies — was actually good policy.

Senior Biden officials have soured on SALT deductions for two main reasons: It would undercut their working-class message and would cost them a fortune.

Reinstating SALT would reduce revenues by an estimated $70 billion to $80 billion a year, roughly half the annual amount that Biden has proposed to raise by hiking corporate rates.

But some Democrats insist that some tax relief under SALT could counter Republican arguments that Democrats only want to raise taxes [....]

by artappraiser on Thu, 04/01/2021 - 6:31pm

Really think this jobs plan is just not going to happen ... everyone has an ask, no real sense of urgency, public support for infrastructure money is broad but shallow https://t.co/k9rD8hpiwz
— Matthew Yglesias (@mattyglesias) April 1, 2021

I don't get the same vibe, but he definitely is better read on everything related than me.

by artappraiser on Thu, 04/01/2021 - 8:03pm

I see Romney, for one, is unhappy about something Biden said about having a "mandate"

A Senate evenly split between both parties and a bare Democratic House majority are hardly a mandate to “go it alone.” The President should live up to the bipartisanship he preached in his inaugural address.
— Mitt Romney (@MittRomney) April 1, 2021

by artappraiser on Thu, 04/01/2021 - 10:18pm

Republicans have been claiming a mandate with no majority at least since George W (Iraq, anyone?) Maybe time for them to suck it.

by PeraclesPlease on Fri, 04/02/2021 - 1:30am

Biden names 5 Cabinet secretaries to spearhead infrastructure push

I’m honored to have been selected by @POTUS Biden to help lead the fight for his #AmericanJobsPlan.

This once-in-a-generation investment speaks to what I and so many others know to be true: housing is infrastructure.https://t.co/hTFJu6ytlT
— Secretary Marcia L. Fudge (@SecFudge) April 1, 2021

by artappraiser on Thu, 04/01/2021 - 10:08pm

USDA drops Trump plan to cut food stamps for 700,000 Americans

by Aimee Picchi @ CBSNews.com/Moneywatch, April 1

A Trump-era plan to cut food stamps is now off the table after the Biden administration said it is abandoning a previous plan to tighten work requirements for working-age adults without children. Those restrictions were projected to deny federal food assistance benefits to 700,000 adults, a proposal that had had drawn strong condemnation from anti-hunger advocates.

The U.S. Department of Agriculture on March 24 said it is withdrawing a Trump administration appeal of a federal court ruling that had blocked the planned restrictions on the Supplemental Nutrition Assistance Program (SNAP), better known as food stamps. Trump officials had filed the appeal in May, two months after the coronavirus pandemic had shuttered the economy and caused millions of people to lose their jobs [....]

by artappraiser on Thu, 04/01/2021 - 10:14pm

thread on his corporate taxation proposal:

Biden corporate tax plan released today:

- Increase rate to 28%
- Tax profits booked by US firms abroad at 21%, country by country
- Calls for strong global minimum tax (with penalties for uncooperative countries)

If enacted, the development model of tax havens collapses
— Gabriel Zucman (@gabriel_zucman) March 31, 2021

by artappraiser on Thu, 04/01/2021 - 10:36pm

what he's done so far is working:

The U.S. jobs rebound picked up steam last month, fueled by the accelerating pace of vaccinations and a new injection of federal aid.https://t.co/yGC2Ueg9Fy dealbook
— Dr. Joseph Frusci (@JFrusci) April 2, 2021

by artappraiser on Fri, 04/02/2021 - 1:30pm

Colbert King op-ed:

Republicans need help to torpedo Biden’s infrastructure bill, @KingC_I writes. Will Democrats give it to them? https://t.co/ZLiOUBQAko PostOpinions
— Dr. Joseph Frusci (@JFrusci) April 2, 2021

by artappraiser on Fri, 04/02/2021 - 3:49pm

Love the idea that Joe Manchin has put some super serious thought into the difference between a 25% and 28% corporate tax rate and isn’t just trying to split the difference between GOP outlier position and reasonable Biden proposal. https://t.co/cnFvbYGF1t
— Mehdi Hasan (@mehdirhasan) April 5, 2021

by artappraiser on Tue, 04/06/2021 - 2:10am

I'd simply repeal the whole Trump tax cut lock stock and barrel. Which is exactly what Obama should have done with the Bush tax cuts.

by ocean-kat on Tue, 04/06/2021 - 2:34am

HEY, is this purposefully trying to turn the whole frame of Manchin's thinking upside down?

Janet Yellen, the US Treasury secretary, has called on countries to join Washington in setting a global minimum tax for corporations as she vowed to reassert America’s leadership in international economic policy. Via @FT
— alain servais (@aservais1) April 5, 2021

If so, pretty neat trick!

I don't know the details; I am just presuming that everyone involved in this policy considers international competition on this front, of course.

by artappraiser on Tue, 04/06/2021 - 3:24am

Scoop: Biden doesn't plan to revive SALT deduction, possibly losing key moderates

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