Jeff Stein Profile picture
White House economics reporter for The Washington Post. Founder of @IthacaVoice. NYR fan., Signal: 9178872891.
Potato of Reason Profile picture 1 added to My Authors
23 Mar
Major Biden tax hikes eyed for next bill (not final) include:

- Corporate rate 21->28%
- Global min tax to 21%
- Top income rate to 39.6%
- End fossil fuel subsidies
- Tax investment gains > $1M as wage income
- Tax assets passed on at death

Listen up folks: By “Major Biden tax hikes” I mean “significant” or “consequential” — not that Major Biden, who is a dog rather than a tax collector, will be deciding tax rates
Above is according to two White House sources on current planning but not final and we may not see details for a bit
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22 Mar
White House preps ~$3 trillion legislation w/ 2 big components:

1/ Infrastructure & clean energy.

Includes: Roads, highways, bridges, charging stations, climate resiliency, green R&D; $100B housing

2/ "Care economy" -

Includes: Pre-k; childcare; free community college
-- Overall price-tag may still change

-- Major prescription drug overhaul expected to be included (some version of Dems' HR3)

-- Look for major tax hikes as well

Confirming @jimtankersley scoop w/ a few new details, per 3 sources familiar…
Upcoming White House package also expected to push for expanded child benefit through 2025, per people familiar. That would be in the second component of the bill.…
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15 Mar
Hierarchy of news reporter tweet introductions, in descending order of value:

-- NEWS:
-- NEW:
CORRECTION: "Scooplet" should come above "NEWS" but below "BREAKING"

OK revised list based on your helpful feedback -->

-- !!!!:
-- NEWS:
-- NEW:
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11 Mar
This is the question we seem to be getting most frequently today. I've answered it before but worth answering again here, as well:
Another frequent question we're dealing with, and a potential problem for Democrats/the Biden administration to have to deal with -->
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11 Mar
Larry Kudlow, now at Fox Business, calls the Biden relief bill “LBJ Great Society to the 100th power”
Kudlow: “doesn’t this blow up the Clinton-Gingrich welfare reform and work requirements?”
“There’s nothing I can find in here that increases work requirements,” Kudlow says of the relief plan
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10 Mar
Your dogs and cats do not count for the new Child Tax Credit, as they are pets, not children
My reporting suggests this does not qualify for any of the relief provisions in the stimulus package, per multiple sources
My understanding is that the IRS might view this differently depending on the quality of the disguise

Read 4 tweets
6 Mar
Some hopefully helpful updates on how UI forgiveness plan works:

-- Applies to UI benefits in 2020; 21 doesn't count
-- You can file amended return if you've already filed
-- The $150K cut-off is *across filing types* - singles/HOH/joint
-- Cost ~$25B

Plz keep your qs coming
My understanding for the many people asking this question is that you can still file an amended return
Read 4 tweets
6 Mar
Hello everybody. It is a little after midnight. The Senate is currently voting on a plan to cut unemployment benefits so they end July 18. It will pass. However, in a few hours they will take a separate vote to have unemployment benefits end Sept. 6 instead.
Could be sooner than a few hours! But not sure how much sooner
A very tired-sounding Sen. Sherrod Brown (D-Ohio) announces the Portman amendment fails, realizes his mistake and then says it has in fact passed 50-49
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6 Mar
Dem aide trumpets agreement "ACCEPTED BY MANCHIN" (caps mine) to approve UI through Sept. 6 at $300/week. Includes tax forgiveness on $10K in UI below $150K annula income

Biden's initial plan: UI at $400 through end of September
Here's how UI unfolded -->

1/ Biden: $400/week through Sept

2/ House Ds: $400/week through August

3/ Senate Deal 1 (early today): $300/week through Sept. + up to $10K in tax forgiveness

4/ Senate Deal 2 w/ Manchin (just now): $300/week thru Sept. 6, + ~$10K tax forgiveness
Senate Finance Chair Wyden disappointed UI drop to $300, praises extension to first week of Sept -- rather than expiration in August w/ Congress out of session

"Having a cliff in August is a prescription for chaos. Our priority was avoiding that; we have been able to do that"
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3 Mar
NEW: Biden-Senate compromise on curtailing stimulus payments results in ~12 million fewer adults & ~5 million fewer children receiving benefit, per @iteptweets analysis

~280 million overall still eligible for payments, ITEP says…
Progressives blowback vs Biden-Senate D plan limiting eligibility on $1,400 checks

@AOC: "I dont understand the political or economic wisdom in allowing Trump to give more people relief checks than a Democratic administration. People went far too long without relief last year...
....if anything we should be more generous, not more stingy. It’s also an insensitive compromise for the roughly 80% of Americans that live in urban areas, which are known for higher costs of living"…
Read 4 tweets
2 Feb
UPDATE: Some senior Dems are looking at lowering threshold on stimulus payments so they start phasing out above $50K for single taxpayers; $75K for heads of households; & $100K for married couples

Stressing here: Talks fluid, conversations are ongoing…
Confirmed these cutoffs are being seriously explored w/ 3rd senior Dem

GOP & some centrist Dems have said checks proposal gives $ to those who dont need

Others say lower limits mean millions who need relief w/ current year income shocks would miss out…
John Friedman: "Targeting stimulus payments to [poorer] households would ... better support households most in need"

@MattBruenig: “This is ... the illusion of targeting ...[and] will end up hurting tens of millions of people who are currently in need but weren’t in 2019.”
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24 Dec 20
Quick Christmas Eve twitter post:

There is a policy analyst and a Congressional aide who have been *relentlessly* flirting On Here for at least 6 months

They are both terrific & I hope the holiday season spurs 1 of them to finally ask the other out

They'd make a good couple
DM'ing me for names is not going to work sorry!
OK multiple people have guessed incorrectly so if this is about you don't worry
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17 Dec 20
Latest we expect on checks, *as of now*, per aides:

-- $600 per adult; $600 per kid
-- No family cap
-- Adult dependents DO qualify, unlike Cares
-- Same phase-out as Cares (diminishes +$75K, ends +$99K)
-- Incorporates Rubio mixed status family bill…
Also key:

Aides now expect unemployment boost to go *10 weeks*

That's down from 16 in Romney-Manchin, and 12 in our previous reporting

Wall Street Journal has also reported 10 weeks -- but this has been a fast-moving target/changing rapidly throughout…
*IF* this ends up being right -- For a family of 4 with 2 unemployment parents, that would mean adding $2,400 in checks ($600 x 4) but losing $3,600 in UI ($300 x 6 x 2) -- down $1,200 from Romney-Manchin

Of course, more ppl get checks than UI
Read 4 tweets
9 Dec 20
I pressed @stevenmnuchin1 today on the White House decision to offer a $600 check per person but no robust unemployment benefits in their proposal

Mnuchin said: "This will have the impact of creating demand, which will have the impact of creating jobs."…
.@ENPancotti estimates the difference between the bipartisan Senate plan & the Mnuchin plan would be as large as $10,000 per person

20.2 million Americans unemployed…
A senior Treasury official also said that Democrats and Sen. Bernie Sanders (I-Vt.) support stimulus checks' inclusion in the relief package. These Democrats support including both checks and robust federal UI…
Read 4 tweets
9 Dec 20
🚨🚨🚨White House proposes dramatically cutting federal unemployment benefits as agreed to by bipartisan Senate group, in potentially huge blow to relief talks

Mnuchin pitches $0 in federal UI benefit for jobless in exchange for one-time check of $600…
Offer takes the bipartisan Senate group's $180 billion in proposed UI benefits down to $40 billion. It would extend some federal unemployment programs but crucial UI supplemental benefits would be at $0. Trump unilaterally approved $300/week this summer…
This is an obvious nonstarter among Dems and a bad sign for negotiations overall.

In July, Trump said he supported extending UI benefits: "We're going to take care of the people." WH now proposing $0 in supplemental UI benefits for tens of millions…
Read 4 tweets
2 Nov 20
After election, US faces “dark winter”:

— Enormous unemployment programs 4 millions to expire
— Protections 4 renters, student borrowers end
— ACA at Supreme Court
— Gov shutdown Dec 11
— 40% restaurants, 66% hotels face closure
— 1M travel jobs at risk…
These deadlines likely coincide with a spike in Covid cases *and* while Washington may be paralyzed

Some former senior WH officials predicted Trump will lose interest in a post-election stimulus — tho he has said he will seek one after GOP wins House…
Hunger already up dramatically. 30-40 million face eviction. 80K bus drivers furloughed. Retailers under siege. Huge layoffs in oil & gas. Public transit face major cuts.

*90%* of $2.7T in Covid aid has been disbursed or committed, per @MarcGoldwein…
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12 Sep 20
Tfw your request has been denied Image
Extremely strange to come across this in between Eric Andre episodes
Read 4 tweets
5 Sep 20
Late Friday news w/ @jdawsey1: Trump moves to bar "un-American" sensitivity trainings at US agencies

Tells agencies to cancel sessions involving:

1/ "critical race theory"

2/ "white privilege"

3/ Propaganda that the US is "inherently racist or evil"… Image
White House memo: “The President has directed me to ensure that federal agencies cease and desist from using taxpayer dollars to fund these divisive, un-American propaganda training sessions"…
Just spoke w/ M.E. Hart, who has done racial sensitivity trainings in DC for +20 years.

Hart points out the body of research showing enormous discrimination against black Americans in awarding of federal contracts

These trainings try to help the US correct that, Hart says
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4 Sep 20
President Trump says the administration has found $300 billion in unspent money approved by Congress that they want to use for stimulus -- seems like he's saying it requires Congress' approval to use?
Trump says he's trying to use this money unilaterally but was told no: "I would like to use it without their permission but I guess I am not allowed to do that. I did ask that question."
The president says Congress just has to give "a very quick statement" (?) which would allow the White House to unilaterally put the $300 billion into the economy
Read 5 tweets
12 Aug 20
Joe Biden's campaign declined to comment when I asked if he supports @KamalaHarris' plan w/ Sens. Bernie Sanders & Ed Markey to provide $2,000 every month to millions of Americans during the pandemic…
Biden's campaign also did not respond to when I asked if they support Harris' bill to halt all evictions, foreclosures, rent increases and utility shutdowns during covid

Biden adviser @econjared, however, had positive things to say about the checks idea…
Conservatives such as @Brian_Riedl are begging media not to call Harris a "moderate" given size of her spending plans

@briebriejoy says she does not have a "great deal of confidence" Harris will pull Biden left, citing Harris' complex student debt plan…
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12 Aug 20
Post tonight from Georgia on r/unemployment
California. "toaster bath." Posts like these are increasing. If you are reading this and in need of help, call the National Suicide Prevention Lifeline: 1-800-273-8255
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