There aren't enough people w/ "hundreds of millions if not billions of dollars" out there to fund the massive climate & social services programs Dems say they want, and claim they plan to pay for. Dems sometimes point to Sweden or Denmark as examples of generous, successful...
...welfare states. But in those countries, taxes are higher & broader-based. Here, middle-class pays much lower taxes & even received a tax cut in GOP’s 2017 tax overhaul. In the popular imagination, though, middle- and even upper-middle-class Americans are overly tax-burdened.
Dems pretend everything can be funded just by soaking the 0.1%. Argument I wish they'd offer instead: These investments are worth making. The very rich should pay their fair share of the bill. But we should all be financially invested in their success. washingtonpost.com/opinions/2021/…
This argument for broadening the tax base to fund worthwhile investments is not original to me btw - among the prime examples, Donald Duck (and FDR and Irving Berlin and others) voiced it in 1943.

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More from @crampell

17 Sep
In August Walgreens had announced a vax requirement just for workers in U.S. support offices; this did not apply to U.S. team members in stores, distribution centers or other facilities — i.e., the people less likely to be vaxed.
Govt leadership matters. pennlive.com/business/2021/…
That is: Last month, Walgreens began requiring vaccines -- but (like Walmart, Uber, etc.) exempted the workers who likely need the most motivation to get vaccinated. Presumably because they feared alienating anti-vax workers at a time when labor is scarce. washingtonpost.com/opinions/2021/…
That's why govt mandates are valuable. They give cover to firms that know they'll be better off if employees are protected & customers feel safer. Employers can worry less about losing workers to non-vax-requiring competitors if mandate applies to everyone washingtonpost.com/opinions/2021/…
Read 4 tweets
16 Sep
Idea that raising corp tax rate to 26.5% would be the death knell for American business–as GOP now claims– is ridiculous. That's actually about the rate that business community itself was asking for 2017; but GOP decided to slash it even further to 21% (from original rate of 35%)
How do we know this? Architect of the Trump tax cuts, Gary Cohn, told us
Cohn said US could be competitive even with rate of 28%–and that during 2017 TCJA negotiations, biz groups told White House they were fine with a rate in mid-20s
(go to minute 13:40) yahoo.com/lifestyle/why-…
That was in June 2020. Cohn repeated his support for a 28% corp income tax rate again a few months later. (Select Cohn video from right-side menu here, and then go to min 10:14) finance.yahoo.com/live/allmarket…
Read 4 tweets
10 Sep
National Assoc of Manufacturers: "Getting all eligible Americans vaccinated will, 1st & foremost, reduce hospitalizations & save lives. But it is also an economic imperative in that our recovery & quality of life depend on our ability to end this pandemic" cnn.com/2021/09/10/bus…
Companies are better off if their workers are vaccinated. Reduces risk of interruptions to operations & makes customers feel safer. But, risky for companies to impose mandates themselves, b/c issue is polarizing.
Better to have government play bad cop. washingtonpost.com/opinions/2021/…
Even when a raft of companies announced workers/customer vax mandates this summer, the mandates mostly applied to people who were *already* vaccinated. Some corps (Walmart, Uber) even had mandates for white-collar workers, exemptions for blue-collar ones washingtonpost.com/opinions/2021/…
Read 7 tweets
10 Sep
I strongly favor Biden's employer vax mandate. I'm also curious about how vulnerable it might be to legal challenges, whenever it comes out. OSHA legal experts I've spoken to suggest that there's some uncertainty about this question, particularly with a more conservative court🧵
Issue is less whether OSHA has jurisdiction to mandate vaccines -- probably it does, though that'll be challenged too -- and more whether the vax/testing requirement can be done by issuing an "emergency temporary standard" (ETS)
"Emergency temporary standard" means fast-tracking rule so it can be put into effect right away, rather than going through the usual, protracted "notice-and-comment" process. For OSHA, that usual regulatory process can take years or even decades (way too slow for delta)
Read 9 tweets
8 Sep
The Senate parliamentarian is planning to hear dueling arguments Friday over whether Democrats can include a pathway to legal status for certain undocumented immigrants in their reconciliation bill, per Politico politi.co/3nf4oO3
Provision would affect revenues (immigration processing fees; higher tax revenues from legalized immigrants) & spending (eligibility for govt benefits). Q parliamentarian will decide is whether budgetary effects are merely "incidental" to nonbudgetary components of the provision
Pro-immigration folks point to 2005 reconciliation bill that passed the Senate & included some immigration provisions as precedent. But, no lawmaker raised a point of order challenging the provision on Byrd Rule grounds, so we never learned how parliamentarian would have ruled
Read 7 tweets
8 Sep
There's a budgeting double standard in how we talk about D vs R reconciliation bills
Recall the 2017 GOP tax law was referred to as a "$1.5T tax cut" (later revised up to ~$2T) b/c that was *net* cost of bill—i.e. how much it increased overall deficits when all provisions scored
If we had instead counted only the TCJA's *gross* costs (i.e., without offsetting revenue raisers, such as the SALT cap), the price tag would have looked much bigger
Today, Dem reconciliation bill is usually referred to as costing "3.5T"— which reflects only *gross* cost of new spending/CTC. But Dems plan to pay for some or all of it with tax offsets. Including those offsets (whose amount is now being negotiated), net price tag will be lower
Read 7 tweets

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