Just how did we arrive at such an absurd point? JonathanChait gives a short history
Joe Biden campaigned on a package of well-crafted reforms to restore fairness to the tax code, only to watch his handiwork eaten alive by a handful of centrist Democrats who are hypersensitive to any change that would even slightly inconvenience the rich. Perhaps the most tragicomic encapsulation of this process is contained in a line in today’s Washington Post: “To meet the demands of Sen.
Even though the $400,000-a-year line was arrived at through contentious negotiations with Republicans, Democrats eventually embraced it as their new line. Biden campaigned on a promise that nobody earning below $400,000 a year would pay a dime in higher taxes. Since earning $400,000 a year would put you in the top one percent of the income distribution, this put Biden on presumably safe political ground, as he could promise 99 percent of the taxpayers his plan would not touch them at all.
And now, Sinema reportedly told the administration that raising taxes — by a mere 3 percentage points! — on households earning more than $5 million is too onerous. Sinema would only accept a tax on the real rich people who earn $10 million a year or more, not the working schlubs pulling down a mere $8 or $9 million a year.
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