Many of you are too young to remember this but Pelosi also passed the Cap & Trade bill with GOP votes. A long time ago in a galaxy far, far away.
This is back when I covered the House for Roll Call.
What happened next? Cap & trade never saw the light of day in the Senate. Talks between Lindsey Graham and John Kerry collapsed. And then, a young Joe Manchin cut an *EPIC* campaign ad…
This is the epic TV ad where Joe Manchin promises to cut spending and literally shoots the cap and trade bill with a gun.
Waxman had been installed by the caucus as chairman of the committee over John Dingell, who generally wanted to pursue more bipartisanship and was also closer to the automakers.
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Let's break down the cost of the $550B Biden infrastructure combo platter bill in a way most anyone can understand. 1/
The $550B almost entirely gets appropriated over 5 years, though it takes a little longer for some of the money to actually leave federal coffers. But we are talking roughly $110B a year extra for five years. What does that mean? 2/
$110B a year is about 2% of the federal budget.
Maybe think of a 49-deck cruise ship and you added another deck, maybe.
A lot of money? YES.
A big deal. YES.
Changing the arc of the budget universe? Not really. 3/
This is a first for me in Zillow-watching: Beds in the theater room. "Impressive home theater and meditation sanctuary" per the listing. I'm guessing the crazy Escher-style room (or is it Dazzle camouflage?) leads to it. #SaturdayNightZillow
Elizabeth Warren NOT yet sold on the SALT cap compromises that have been floated: She wants to make sure billionaires don’t benefit. Says they would be more appealing if paired w/Wyden’s Billionaire Income Tax.
One issue is billionaires can benefit from the House’s $72,500 cap…
And billionaires could even benefit if you have an income cap of about $400K floated by Sanders/Menendez. That’s because some billionaires are able to avoid having much/any adjusted gross income.
FED NEWS:
*SHERROD BROWN SAYS it's still a "maybe" whether Jay Powell will get the nod, expects Biden to name a slate of ~4 picks
*RICK SCOTT tells Powell he will oppose a renom, citing inflation, unless he changes course bigtime/pronto bloomberg.com/news/articles/…
Brown expects a slate will both look more like America but also think more like it, whether Powell gets another four years or not; he's NOT echoing Warren's "dangerous man" line and says pick is Biden's decision.
Brown also calls Fed vice chair of supervision really, really, really important and said he made multiple recommendations to Biden but won't name names publicly.
If you have a couple hundred billion dollars in unrealized, never-taxed capital gains, having to pay taxes will cost you tens of billions of dollars.
Presently some very wealthy people can borrow against their stock for their living expenses — that's often cheaper than selling stock and paying taxes on it.
When you die, all of those unrealized, never-taxed capital gains are conveniently wiped off the books for your heirs.