Thread by @ThePlumLineGS

Kyrsten Sinema's effort to block some of Biden's tax hikes will likely be great news for the 1 percent. It would benefit a large swath of wealthy investors, capital owners and well-heeled professionals. A tax expert walked me through the appalling details:
washingtonpost.com/opinions/2021/…

Sinema reportedly opposes hiking corporate/top income tax rates.

Key: The corporate hikes would hit shareholders. So not doing that plus not raising top income rates would largely benefit the 1 percent.

Tax Policy Center's Steve Rosenthal explains here:

washingtonpost.com/opinions/2021/…

Sinema opposes various hikes in top income tax rates. Adds up to 100s of billions over 10 years.

Expert tells me:

“Individual rate increases would fall on law firms partners, hedge fund managers, private equity investors and other high earners."

More:

washingtonpost.com/opinions/2021/…

Dems are looking at alternatives: A billionaire tax and beefed up IRS enforcement against rich tax cheats.

That's good stuff. But the rub is it would exempt much of the 1 percent, while targeting a much smaller, stratospherically wealthy group:

washingtonpost.com/opinions/2021/…

What's so damn galling about this is that decades of *policy choices* have helped channel income, wealth and rents upward for decades.

Now we have a real opportunity to do something about this. But the moment is just being squandered.

(w/@jonathanchait)

washingtonpost.com/opinions/2021/…