In early March 2023, President Joe Biden embedded in his
proposed 2024 budget to Congress revenue increases through tax
measures that the rich and corporations do not like. Like his
predecessors Barack Obama and Bill Clinton, he doesnt really mean
what he says.
Bidens four proposed increases are significant because they
would restore the corporate tax rate to 28% from Trumps decrease to
21% in 2017, raise the top rate for income above $400,000 a year
from 37% to 39.6%, raise the 1% excise tax on massive stock
buybacks to 4% and get rid of the gaping super-rich private fund
managers carried interest loophole, so as to tax such income at
ordinary rates.
He even tossed in a proposal to tax capital gains at the same
rate as income for households with more than one million dollars in
annual income.
The restorative taxes on these affluent tax escapees,
compliments of Donald Trump, George W. Bush and Congressional
Republicans, are little more than a wink to the major donors that
Biden is summoning to Washington the weekend after next to grease
his re-election campaign.
Here are my suggestions to President Biden:
Mr. President: Like other Democrats verbal support for a $15
federal minimum wage and a public option added to Obamacare, the
citizenry doesnt believe you are going to fight for your proposed
corporate super-rich tax proposals. Why should they? Your words on
Capitol Hill are insufficient without the subsequent presidential
and Democratic Party muscle to make these restorative increases
credible.
For example, where is your presidential tour publicizing these
necessary revenue increases? If you are really Scranton Joe you
could start by going to Scranton, Pennsylvania and standing with
blue-collar union workers to show the contrast in their federal tax
rates compared to the plutocrats and the often zero-paying giant
corporations. You could jar the sleepy Democratic National
Committee to galvanize all Democratic members of Congress to
barnstorm their districts to promote these overdue reforms during
their numerous recesses back home.
You could make a major primetime address about redressing these
deeply felt inequities, shouldered by liberal and conservative
Americans alike, and urge your party to hold press conferences
filled with examples and images that demonstrate serious resolve to
make Capitol Hill shake from the electrified pressure back
home.
Leading newspapers would print your op-eds on this subject. NPR,
PBS and the Sunday talk shows would want to interview leading
Democrats.
Join with leading citizen advocacy groups to tap into the civic
community, so long skeptical of Democratic Party rhetoric not
producing determined actions.
You can reject prejudged defeatism by your Democratic colleagues
who say the corrupt and cruel Republicans have the votes to block
such legislation. The Democratic-controlled Senate Committees can
hold powerful attention-getting p...