Over the past 30 years, Congress has enacted roughly major three tax hikes.
There’s the 1990 tax hike, the infamous breaking of George H. W. Bush’s “read my lips” promise, Bill Clinton’s 1993 increase, and ACA-associated hikes passed under Barack Obama.
Former Sen. Heidi Heitkamp (D-ND), who, The American Prospect found, once described the lack of capital gains taxation upon death as “one of the biggest scams in the history of forever,” now leads a non-profit that opposes the move.
Sounds like they found someone who really understands the grift.
One option that the Senate Finance Committee is considering would carve out a $25 million exemption for family farms.
No offense to family farms, but fuck that. Once you open the door with the first carve out it’s game over. Maybe the owner of the family farm should look into life insurance or other means to offset the tax liability.
After 205 years on the same chunk of ground our family farm was sold last September. Paid out a shit load in taxes. Chose not to avoid it. Just pay up.
There’s a lot of room between a business owner who can’t afford to pay and a business owner who doesn’t want to pay.
The committee could achieve the same result by eliminating the step up in basis but deferring recognition for 205 years is a long time to wait to collect the taxes. Kudos to you and your family.
The wealthy hate tax increases and will fight hard against them. But what the fabulously wealthy hate most of all are any obstacles to the intergenerational transfer of massive amounts of wealth, preventing the establishment or extension of family dynasties.
More here
Jessica Post — who serves as the president of the Democratic Legislative Campaign Committee and whose organization, which is an official arm of the Democratic Party, worked on behalf of Rombeau’s campaign — identified abortion rights as the chief issue looming over the race. The recent enactment by Texas of a draconian abortion ban covering almost all pregnancies after some six weeks of gestation has pushed abortion rights back into the forefront of the nationalconversation (not that the issue ever particularly faded — there’s simply a renewed urgency). As Post observed, many voters trust Democrats’ pro-choice positions
THE NUMBER ONE ISSUE IN THIS RACE WAS ABORTION RIGHTS. THE VOTERS CHOSE: THEY TRUST WOMEN, NOT THE GOP, TO MAKE DECISIONS ABOUT THEIR OWN BODIES. WE HAVE FULL CONFIDENCE THAT DEMS’ PRO-CHOICE POSITION CONNECTS WITHVOTERS YESTERDAY, TODAY, AND TOMORROW.’
Earth to Democrats:
Fix SS. It will run out of the ability to pay full benefits in 12 or 13 years.
Nothing will be more popular or help Democrats win in the midterms more than raising the cap on SS taxes.
“The Stars Are Aligned” is the right analogy because if Dems don’t get this done soon, the risk that it never gets done will skyrocket.
Two potential dates to watch:
Sep 14, 2021 = CA Recall Election
Nov 2, 2021 = NJ/VA off-off years Governor Elections
If Democrats lose any of these races, expect Manchin/Sinema (with help from the media) declaring all unfinished Dem legislative priorities dead, including the reconciliation bill. Best to get as much passed before then.