Now that Biden’s $1.8T fiscal stimulus bill has passed Congress, and next a $2T+ Infrastructure spending bill will be soon proposed, the question is how will the multi-trillion dollar dual fiscal package be paid for? Part will be financed no doubt by federal government borrowing (i.e. selling Treasury bonds). Another part will be paid for with new Biden initiatives in the form of tax hikes on Capital (and individuals earning more than $400k per year).
During the 2020 election year Biden provided general outlines of his tax proposals–some of which were designed to reverse Trump’s massive $4T giveaway to businesses, investors and the wealthiest households.
Recently the Biden administration has begun to clarify in more details what his forthcoming tax proposals might be. That too will soon be further detailed. What are Biden’s latest tax proposals? How do they compare to his campaign year promises to voters?
For my description of the latest version of Biden’s tax policy, listen to my Alternative Visions radio show of friday, March 25, 2021.
TO LISTEN GO TO:
SHOW ANNOUNCEMENT
Dr. Rasmus provides a first look at President Biden’s Tax proposals, designed to roll back the worst of Trump’s $4T tax cuts in 2018 for businesses and investors. Rasmus describes the 40 year historical tax shift in favor of the 1% wealthiest households, their businesses and their investments—a key hallmark of Neoliberalism policy since 1981. Biden’s 3-part economic recovery program—the $1.8T recent stimulus, the $2T-$3T infrastructure bill to be announced next week, and the tax proposals to help pay for both—are described in context of a struggling US economy and a global deterioration in Europe and elsewhere of the fight against Covid 19 and another economic downturn in many economies. What’s happening in Europe and the prospects of a third wave of Covid based on new and more dangerous variants from UK, So. Africa, and Brazil. Rasmus introduces the show with commentary on the current, intensifying fight to retain even limited democracy in America—as Republicans launch voter suppression legislation in 43 states and as Democrats offer HR 1 in Congress to ensure absentee and mail in voting. America’s ‘triple crises’ of Covid, a faltering economy, and a declining democracy are not over. Is a new phase in each on the horizon?
Dr. Rasmus,
What changes, if any, do you believe should be done with long-term capital gains and why?
Thank you,
Michael zitterman
mikiesmoky@aol.com