Somehow, I just knew that David Sirota would have something to say about this, especially after what happened with the $15 minimum wage.
“Democratic Sen. Joe Manchin on Monday began raising objections to President Biden’s legislation to fund infrastructure investments by raising the corporate tax rate to 28 percent. Derailing the tax hike would be a lucrative gift to both corporate CEOs in general, and to private equity giants whose executives bankrolled the lawmaker’s 2018 campaign and funded a super PAC that boosted his closely contested reelection bid.
On Monday, Manchin discussed Biden’s infrastructure plan with West Virginia MetroNews, and declared: “If I don’t vote to get on it, it’s not going anywhere.” …
On Monday, Sen. Ron Wyden, D-Oregon, told reporters that the Democratic caucus and the Senate finance committee will work together to set a final corporate tax rate figure. But Manchin’s proposed change would have a huge impact on how the Biden infrastructure plan is paid for, while largely preserving a tax policy that is delivering a disproportionately huge windfall to a tiny handful of executives at major corporations. …
That study preceded last week’s revelations that fifty-five publicly traded corporations paid zero corporate taxes last year. …
The Blackstone Group and the Carlyle Group have also converted from partnerships to C Corporations. Executives from those firms donated $4.4 million to Senate Democrats’ super PAC, Senate Majority PAC, during the last two election cycles, including $1.3 million in 2018 when Manchin was reelected with the group’s support. …
Changing the tax rates now could eat into these private equity firms’ profits. Ares, Blackstone, and Carlyle have all recently lobbied on federal tax issues, according to the most recent federal disclosures. …”
Don’t even get me started on Donald Trump and his buddy Stephen Schwarzman.
The current alignment SUCKs on economics. We get screwed by these people no matter who is in power. I’m honestly not sure what can be done when private equity billionaires control both sides.
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