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President Biden’s new tax plan could narrow the American wealth gap, improve millions of people’s lives, and make all the right people cry—and like all historically significant proposals, its fate will rest in the hands of one strange man from West Virginia.
- The White House is set to unveil the $1.8 trillion American Families Plan on Wednesday, with an accompanying tax plan that poses the radical question, “what if rich people not only faced higher tax rates, but also, you know, paid them?” The proposal will reportedly include $80 billion over 10 years to beef up IRS enforcement of rich tax evaders, which would pay for itself many times over by generating an estimated $700 billion in taxes.
- In an unintentional but extremely compelling endorsement of Biden’s tax plan, the very wealthiest Americans are sweating bullets over potentially losing the tax loopholes that often allow them to pay lower tax rates than regular working people. Biden’s planned capital-gains tax increase would force millionaires to pay the same tax rate on investment income as they do on income earned through (Mr. Burns shudder) labor, and end a rule called “step up in basis”—a tax break that shelters the capital gains that heirs inherit—which would wipe out a key strategy the ultra-rich use to avoid taxation.
- Those taxes would help fund things like child care, paid family leave, free community college, and universal pre-K—and more, if House Democrats get their way. While Biden’s families package is expected to include an extension of his poverty-busting expanded child tax credit, which is currently set to expire at the end of the year, House Ways and Means Committee Chairman Richard Neal has unveiled legislation that would make that program permanent. Democrats are also pushing for a major Medicare expansion, much more funding for child care, and largely tuition-free public colleges.
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A certain houseboat-dwelling senator is still the main impediment to getting any of this accomplished.
- There’s only so much Biden and Democrats can do to combat wealth inequality when Sen. Joe Manchin (D-WV) is more concerned about the optics of addressing it without any GOP votes—or just flat out doesn’t care. On Tuesday, Biden signed an executive order requiring federal contractors to pay employees a $15 minimum wage starting in 2022. That will benefit hundreds of thousands of workers, but Manchin’s opposition to a universal $15 minimum wage means millions more are plumb out of luck.
- And while the Senate parliamentarian has given Democrats the green light to pass both Biden’s jobs plan and families package through budget reconciliation, Manchin is determined to negotiate a doomed compromise with Senate Republicans, an effort that seems poised to accomplish nothing other than holding up the process. Manchin also just dumped a fresh bucket of cold water on the idea of reforming the filibuster to pass the For The People Act: “How in the world could you, with the tension we have right now, allow a voting bill to restructure the voting of America on a partisan line?” (Joe, buddy, we made you something: votesaveamerica.com/forthepeople.)
Making the rich pay their fair share is the kind of initiative that all sides of the Democratic caucus can rally behind, and happily sell to voters in 2022. They’ll just (all) need to be willing to go it alone.
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A certain houseboat-dwelling senator is still the main impediment to getting any of this accomplished.
- There’s only so much Biden and Democrats can do to combat wealth inequality when Sen. Joe Manchin (D-WV) is more concerned about the optics of addressing it without any GOP votes—or just flat out opposed. On Tuesday, Biden signed an executive order requiring federal contractors to pay employees a $15 minimum wage starting in 2022. That will benefit hundreds of thousands of workers, but Manchin’s opposition to a universal $15 minimum wage means millions more are plumb out of luck.
- And while the Senate parliamentarian has given Democrats the green light to pass both Biden’s jobs plan and families package through budget reconciliation, Manchin is determined to negotiate a doomed compromise with Senate Republicans, an effort that seems poised to accomplish nothing other than holding up the process. Manchin also just dumped a fresh bucket of cold water on the idea of reforming the filibuster to pass the For The People Act: “How in the world could you, with the tension we have right now, allow a voting bill to restructure the voting of America on a partisan line?” (Joe, buddy, we made you something: votesaveamerica.com/forthepeople.)
Making the rich pay their fair share is the kind of initiative that all sides of the Democratic caucus can rally behind, and happily sell to voters in 2022. They’ll just (all) need to be willing to go it alone.
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On the latest Pod Save America stream, Tommy Vietor sits down with Hunter Biden to discuss his new book, Beautiful Things; his struggles with addiction; and learning how to stay strong while being attacked by the Trump campaign. Watch here → youtube.com/crookedmedia
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The CDC has revised its mask guidance: Fully vaccinated Americans can now romp around outside without a mask while walking, jogging, listlessly shuffling, biking, outdoor dining, or meeting up in the park to talk shit about Joe Manchin. Everyone should still wear masks in crowded situations like concerts or sporting events—here’s a helpful new graphic. President Biden touted the relaxed restriction as an incentive to get vaccinated, and a step towards his July 4 normalcy target. Meanwhile, over at the opposite of the CDC, Tucker Carlson reached new levels of dangerous anti-mask rhetoric on Monday night, urging his audience to harass people who wear masks outside and even call child-protective services if they see kids with masks on. Counterpoint: Do not do that.
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- Gov. Kevin Stitt (R-OK) has signed a near-total abortion ban and two other abortion restrictions into law. All are slated to go into effect on November 1, barring expected legal challenges.
- Pasquotank County, NC, sheriff's deputies shot Andrew Brown Jr. five times, including once in the back of the head, according to an independent autopsy report released by his family’s attorneys on Tuesday.
- Republicans have gathered enough signatures to force a recall election of Gov. Gavin Newsom (D-CA). Recent polls have found that only 40 percent of California voters support the recall, but sure, get in there, Randy Quaid.
- House Republican Conference Chair Liz Cheney has called for the January 6 commission to be focused solely on the insurrection, breaking from House Minority Leader Kevin McCarthy and Senate Minority Leader Mitch McConnell, who would prefer to dilute it with some dishonest both-sidesing about Black Lives Matter protests.
- Gov. Ron DeSantis (R-FL) has overtaken Donald Trump as the most likely 2024 GOP nominee, according to the PredictIt market, which is not a foolproof predictor of anything but which does merit an all-caps LOL.
- The Fed and other central banks will end their three-month currency-swap policy, which cost the Fed nothing and helped ease international demand for American dollars when the pandemic hit.
- Alaska Airlines has banned GOP state lawmaker Lora Reinbold over her continued refusal to comply with a mask mandate. For her brave act of mask refusal, Reinbold has gained the freedom to drive for 14 hours and take a ferry every time she needs to get to the state capitol in Juneau.
- The New York Post reporter who wrote a false story about federal officials distributing Kamala Harris's book has resigned, saying she was forced to write it. The story was picked up by Fox News and amplified by GOP lawmakers, all of whom will surely admit they were wrong.
- Daniel Kaminsky, who discovered and helped fix a serious basic flaw in internet security, has died at 42. Do a little online banking tonight in his honor.
- A Russian man who got trapped on a Chinese boy-band reality show has finally been voted off, after weeks of singing and dancing half-heartedly as he begged the public to set him free. We wish him the best in his future compulsory endeavors.
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A long-running feud between Facebook and Apple has just ramped up significantly. On Monday, Apple released an iPhone update that requires users to explicitly choose whether to let apps like Facebook track their information across other apps. Facebook uses that data to help companies target their ads, and the new feature will take a chunk out of its profits. It’s a fundamental disagreement about how the internet should work, with both sides also operating in self-interest: Apple CEO Tim Cook says users should have the option to not participate in Facebook’s information-harvesting system (i.e., should be able to pay Apple money to enjoy a private online experience). Extremism CEO Mark Zuckerberg says that targeted ads keep the internet open and free (while pretending to be primarily worried about how the Apple feature will hurt small businesses). What’s not clear is whether the feature will actually change much, or whether Cook and Zuckerberg will need to settle this outside.
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The Interior Department has reversed several Trump-era actions that made it harder for tribes to place lands into trust.
The Illinois House has advanced a bill that would limit solitary confinement to ten days.
The descendants of men who were in the infamous Tuskegee syphilis study have made a point of getting the coronavirus vaccine and encouraging others to do the same.
West Virginia will offer a $100 savings bond to all young people as an added incentive to get vaccinated.
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