The Biden Team indicated tax increases on the wealthy are down the recovery road:
With a narrowly Democratic-controlled Senate and House, we’re unlikely to see any major tax law changes early in Biden’s presidency, outside of the proposed Child Tax Credit and Earned Income Tax Credit expansion—and so far, that’s just a temporary measure. Biden’s top economic advisor, Jared Bernstein, said during a Politico event that tax increases early on are “going to be very dependent on economic conditions.”
The uber wealth have already recovered:
Billionaires are minting money during the pandemic, even as millions of Americans join the ranks of the poor.
US billionaires have collectively become $1.1 trillion -- nearly 40% -- richer since mid-March, according to a report published Tuesday by progressive groups Institute for Policy Studies and Americans for Tax Fairness.
Twelve years I wrote:
Taxing wealthy people at rates imposed under Ronald Reagan produce cries of socialism and communism.
Since then billionaires called the shots in Washington. Biden's team is chock full of greed and leverage boys. Deferring to the billionaire private equity underwriter (PEU) class is a bipartisan tradition.
Politicians Red and Blue love PEU. The average citizen? Not so much.
Update 3-14-21: The PEU boys got a mention in Senator Sherrod Brown's Wall Street vs. Workers speech.
