basquebromance
Diamond Member
- Nov 26, 2015
- 109,396
- 27,067
- 2,220
- Banned
- #1
Can anyone explain to me how bashing progressives in Congress and blocking their agenda does not help corporate Democrats and Republicans?
www.politico.com
excerpts:
Democrats are poised to approve their first big tax break of this year — but it’s not any of the ones they’ve spent so much time talking about.
Their efforts to expand the Child Tax Credit and beef up green energy breaks, not to mention their plan to raise taxes on the rich, are all dead.
But they are on the verge of passing a new $24 billion credit for the semiconductor industry, with legislation now on a glide path to President Joe Biden’s desk.
It’s hardly what Democrats had envisioned as their biggest achievement on taxes this election year.
Democrats like Sen. Sherrod Brown (D-Ohio) have constituents who would benefit from the plan. Intel recently announced plans to build a massive new semiconductor factory in suburban Columbus.
“This will create a lot of prosperity in my state, and provide a lot of people good-paying jobs,” he said.
And while Manchin had demanded reconciliation be fully paid for, and then some, lawmakers are tacking the cost of the semiconductor plan onto the deficit.
The difference here is that, with so many lawmakers supporting the package, Manchin’s vote is expendable and the West Virginia Democrat has little leverage to make demands of his colleagues. (A Manchin spokesperson did not respond to a request for comment.)
Though the tax break has bipartisan support, it has bipartisan opposition as well, with lawmakers at each end of the political spectrum lambasting the proposal.
“Massive corporate welfare,” said Senate Budget Committee Chair Bernie Sanders (I-Vt.).
“There is no doubt that there is a global shortage in microchips and semiconductors, which is making it harder for manufacturers to produce the cars, cellphones and electronic equipment that we need,” he said.
“But the question we should be asking is this: Should American taxpayers provide the microchip industry with a blank check of over $76 billion at a time when semiconductor companies are making tens of billions of dollars in profits and paying their executives exorbitant compensation packages? I think the answer to that question should be a resounding ‘No.’”
‘It looks terrible’: Dems prep a tax cut for business as broader agenda stalls
After Sen. Joe Manchin killed their more ambitious tax plans, they are left with legislation that includes a multibillion-dollar tax credit for semiconductor makers.
www.politico.com
excerpts:
Democrats are poised to approve their first big tax break of this year — but it’s not any of the ones they’ve spent so much time talking about.
Their efforts to expand the Child Tax Credit and beef up green energy breaks, not to mention their plan to raise taxes on the rich, are all dead.
But they are on the verge of passing a new $24 billion credit for the semiconductor industry, with legislation now on a glide path to President Joe Biden’s desk.
It’s hardly what Democrats had envisioned as their biggest achievement on taxes this election year.
Democrats like Sen. Sherrod Brown (D-Ohio) have constituents who would benefit from the plan. Intel recently announced plans to build a massive new semiconductor factory in suburban Columbus.
“This will create a lot of prosperity in my state, and provide a lot of people good-paying jobs,” he said.
And while Manchin had demanded reconciliation be fully paid for, and then some, lawmakers are tacking the cost of the semiconductor plan onto the deficit.
The difference here is that, with so many lawmakers supporting the package, Manchin’s vote is expendable and the West Virginia Democrat has little leverage to make demands of his colleagues. (A Manchin spokesperson did not respond to a request for comment.)
Though the tax break has bipartisan support, it has bipartisan opposition as well, with lawmakers at each end of the political spectrum lambasting the proposal.
“Massive corporate welfare,” said Senate Budget Committee Chair Bernie Sanders (I-Vt.).
“There is no doubt that there is a global shortage in microchips and semiconductors, which is making it harder for manufacturers to produce the cars, cellphones and electronic equipment that we need,” he said.
“But the question we should be asking is this: Should American taxpayers provide the microchip industry with a blank check of over $76 billion at a time when semiconductor companies are making tens of billions of dollars in profits and paying their executives exorbitant compensation packages? I think the answer to that question should be a resounding ‘No.’”
