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Archive of Articles in the "Taxes" Category

Friday Talking Points -- (Fiscal) Cliff Notes

[ Posted Friday, October 8th, 2021 – 16:56 UTC ]

The past two weeks were a prime example of why so many Americans are so disgusted and disillusioned with Washington politics. There were scary deadlines, meaningless drama, pointless partisanship, obstructionism, and ego-boosting all around. And at the end of the day, nothing really happened except we are all right back where we started from. What appeared to be a drama-filled few weeks of politics produced precisely zero result. Which is why so many citizens have just tuned out of the process entirely -- because it is usually frustratingly idiotic and nothing short of a massive waste of time.

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Getting The Media Beyond The Number

[ Posted Tuesday, October 5th, 2021 – 14:33 UTC ]

President Joe Biden and the rest of the Democratic Party have so far not had much notable success in getting their real message out on the "Build Back Better" budget reconciliation bill. This isn't entirely Biden's fault, of course, since a lot of the blame falls on the media as well. And the Democrats who truly want to see this historic legislation pass are also hamstrung by two realities -- the bill doesn't really exist yet, and the media has kept a singular focus on the overall amount of new spending the bill will contain.

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Why Is Everyone So Shocked That Biden Did Exactly What He Said He Was Going To Do?

[ Posted Monday, October 4th, 2021 – 16:21 UTC ]

Far too often, I find myself getting irate with the mainstream political press for being intentionally obtuse and refusing to remember what happened only a short time ago. This weekend was one of those times. The chattering classes on the Sunday political shows tried to frame what had just happened at the Capitol as some sort of plot twist -- some unforeseen development that was simply unprecedented and shocking. Nothing could be further from the truth, however. When President Joe Biden went to the Capitol and informed Democrats not only that he wanted to see the budget reconciliation bill pass but also that he would be willing to wait -- and that he didn't care that the infrastructure bill would be delayed -- you would have thought by the reaction that he had somehow changed his mind or "thrown his lot in with the progressives." This was the refrain I heard all Sunday morning, in fact. Biden had surprisingly sided with the progressives, when many people had expected him to join the moderates in their demand that the infrastructure bill be passed before any action was taken on the reconciliation bill. But this is narrative is completely false.

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Friday Talking Points -- Hurry Up And Wait

[ Posted Friday, October 1st, 2021 – 16:49 UTC ]

Reconciliation is a truly warm and forgiving word. It means coming back together after a period of being apart or at odds. Couples reconcile after time spent apart (for whatever reason). Friends achieve reconciliation by burying hatchets and shrugging off long-carried grudges. It means coming back together, no matter what the circumstances.

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Figuring The Odds On Tomorrow's House Vote

[ Posted Wednesday, September 29th, 2021 – 15:01 UTC ]

All week long, we've been playing a big waiting game on what is going to happen to President Joe Biden's domestic economic agenda in Congress. His promised "Build Back Better" plan initially had three parts. First, there was the immediate relief needed for the ongoing COVID-19 pandemic. Next, physical infrastructure projects. And finally, human infrastructure investments. The pandemic relief passed soon after Biden took office (back when most Americans hadn't even had the opportunity to get their first vaccine shot). The other two remain undone. The negotiations to get both of them on Biden's desk for his signature are what we've all been seeing play out -- not just this week, but for the past three or four months. We're (hopefully, at least) now in the endgame of the waiting game, to mix a few metaphors with abandon.

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Put The Reconciliation Bill's Numbers In Perspective

[ Posted Tuesday, September 28th, 2021 – 16:34 UTC ]

Sadly, the public debate over the budget reconciliation bill in Congress has so far usually been reduced to a single number. I say "sadly" because what this means is that while the media (and, also sadly, too many Democratic politicians) obsess over that one number, it means they seldom (if ever) talk about what is actually contained within the bill itself. Perhaps Democrats can pivot to having this discussion if the bill ever actually passes. But for now, I'd like to put that big, scary $3.5 trillion number into some necessary context.

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Get It Right: It Is Corporatist Democrats Versus Mainstream Democrats

[ Posted Monday, September 27th, 2021 – 16:19 UTC ]

The mainstream media, as usual, is mostly presenting the power struggle taking place right now within the Democratic Party in a rather slanted way. The fight, we are told, is a fairly equal one between "moderates" or (as is becoming more in vogue recently) "centrists" and the progressives. The progressives are usually painted as the radicals, while the "centrists" are seen as those cautioning moderation and compromise. Virtually none of this is true, however. What is really going on is the old-guard "New Democrats" are being forced to confront the reality that it is no longer the 1990s, and their particular brand of "Wall Street-friendly" Democratic politics is not only seriously on the wane but has now been almost totally eclipsed. Senator Bernie Sanders was at the vanguard of effecting this drastic shift, but it is almost complete. And the old guard is none too happy about it, as they cling to the remaining leverage they still have.

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Friday Talking Points -- Crunch Time

[ Posted Friday, September 24th, 2021 – 16:58 UTC ]

It's one of those rare weeks in Washington, where Congress is actually forced into doing its job -- legislating, holding hearings... you know, the things the taxpayers actually pay them to do. As usual, they are facing multiple deadlines. They deserve zero pity, though, since they just returned from their annual month-long summer vacation. If they had stayed and worked instead of gone and played, then they wouldn't be facing all these time crunches simultaneously. Which is why we say: zero pity.

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Abolish The Debt Ceiling

[ Posted Thursday, September 23rd, 2021 – 15:23 UTC ]

Here we are again. The Washington Kabuki theater is raging while all the media cheerfully go along for the ride. Will the United States reach its debt ceiling without Congress acting, and will the country then default on its debts for the first time in over 200 years? What will that do to the world's economy? What will it do to the American economy? Red flags are waved, warning beacons go off, fire alarms sound, signal flares are launched. It's all merry fun until a way is figured out (at the last minute!) to save us all from the "fiscal cliff" of defaulting on our obligations. It's all as regular as clockwork, now. But it just doesn't have to be this way.

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Monday House Deadline Looking Shaky, At Best

[ Posted Tuesday, September 21st, 2021 – 16:22 UTC ]

In less than a week, congressional Democrats will face a deadline of their own making. Next Monday is the day Speaker Nancy Pelosi promised she would bring to the House floor the bipartisan infrastructure bill that the Senate has already passed. Because it has cleared the Senate, the next step for the bill (if the House passes it) is President Joe Biden's desk, for his signature. But unfortunately, it is increasingly looking like the companion budget reconciliation bill will not be ready for a vote -- perhaps not in either chamber. Since these two pieces of legislation are linked, this may mean neither one of them passes (at least, not next Monday). This would endanger the two bills which not only form the base of Biden's agenda, but also the basis for Democrats to run their campaigns on next year. Either both bills pass, Biden will be seen as a transformative president (on the order of L.B.J. or even F.D.R.), and the Democrats can run on a spectacular record of getting good things done in Washington -- or none of that will take place at all, which would pretty much doom the Democrats chances in the 2022 midterms. In other words, it's an important week -- one that may actually stretch into being an important month.

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