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Politics Biden concedes a key part of the Trump tax cuts is probably here to stay due to Kyrsten Sinema

17:40  22 october  2021
17:40  22 october  2021 Source:   businessinsider.com

Kyrsten Sinema Is Unfriending Her Network Into Oblivion

  Kyrsten Sinema Is Unfriending Her Network Into Oblivion When people ask Kyrsten Sinema if she wants to run for president someday, the Arizona senator usually has a stock answer: “I’m overqualified.” That response, relayed to The Daily Beast by a former friend, is vintage Sinema. It’s quick and witty but also self-aggrandizing and self-deprecating all at the same time. The quip also sheds a rare bit of light on a political figure on center stage in Washington who is, all the while, paradoxically guarded and enigmatic. For many people both inside and outside the Beltway—who are hanging on her every maneuver around President Joe Biden’s legislative agenda—Sinema is a mystery.

US President Joe Biden participates in a CNN town hall at Baltimore Center Stage in Baltimore, Maryland on October 21, 2021. NICHOLAS KAMM/AFP via Getty Images © NICHOLAS KAMM/AFP via Getty Images US President Joe Biden participates in a CNN town hall at Baltimore Center Stage in Baltimore, Maryland on October 21, 2021. NICHOLAS KAMM/AFP via Getty Images
  • Biden conceded a key part of the Trump tax law is probably here to stay due to a centrist holdout.
  • "She says she will not raise a single penny in taxes on the corporate side and/or on wealthy people, period," Biden said of Sinema.
  • The possible survival of Trump's tax cuts underscores the knotty maneuvering Democrats are undergoing to pass their safety net bill.

President Joe Biden conceded on Thursday evening that a key part of his predecessor's signature tax law is probably here to stay due to opposition from a centrist holdout.

70% of Arizona's Democratic primary voters disapprove of Sen. Kyrsten Sinema: poll

  70% of Arizona's Democratic primary voters disapprove of Sen. Kyrsten Sinema: poll The poll also found that Sinema would lose overwhelmingly to a variety of potential Democratic challengers, including Rep. Ruben Gallego.The poll found that 70% of potential Arizona Democratic primary voters - made up of both registered Democrats and independents - disapprove of the work Sinema is doing as a senator. The first-term lawmaker has refused to back the $3.5 trillion social spending bill essential to President Joe Biden's agenda for reasons that remain unclear.

During a CNN town hall, the president offered a candid assessment of the political haggling underway on his $3.5 trillion social spending plan. Swaths of the legislation are on the chopping block due to demands from Sens. Joe Manchin of West Virginia and Kyrsten Sinema of Arizona to restrain the price tag and its reach.

Biden said that Sinema had specifically told him she was opposed to raising the corporate tax rate above 21%, the level President Donald Trump locked in with the 2017 tax cuts.

"She says she will not raise a single penny in taxes on the corporate side and/or on wealthy people, period," Biden said. "And so that's where it sort of breaks down."

He also acknowledged that 12 weeks of paid leave in the package had been whittled down to four weeks, and tuition-free community college was likely out of the social spending plan because of Manchin and Sinema's resistance. Biden also said he opposed a work requirement on the child tax credit, a key Manchin demand. The president also said the inclusion of expanded Medicare benefits was "a reach."

Sinema blows up Dems' plans to tax high earners, corporations

  Sinema blows up Dems' plans to tax high earners, corporations “I don't know what the red lines are for one U.S. senator who has an amazing amount of power," Rep. Veronica Escobar (D-Texas) said of the Arizona centrist.As they seek to finalize President Joe Biden’s social spending plan by the end of the week, Sinema (D-Ariz.) remains opposed to one of the party's chief goals of raising tax rates on high-income earners and corporations, a long-sought objective since former President Donald Trump signed his 2017 tax cut law.

Sinema's opposition to undoing swaths of the Trump tax law deals a major blow to Democratic efforts to fund their safety net expansion with taxes on the richest Americans and large firms. Biden had campaigned on rolling it back, calling it a giveaway to the wealthy and a burden on the national debt. Much of it could endure through the first Democratic trifecta in a decade.

"​​Boy, oh boy, that would be a great irony - if a Democratic president, House and Senate embraced the 2017 tax cuts," Sen. Mark Warner of Virginia told Insider on Thursday.

Democrats are eyeing alternatives that could hit the richest Americans even harder to fund their sweeping ambitions, including a new tax on stock buybacks and others specifically targeted at billionaire wealth. "As Democrats, we think it's time for billionaires and giant corporations to pay their fair share," Sen. Elizabeth Warren of Massachusetts told Insider on Thursday, adding there are "different ways" to fulfill their goals.

Sinema's giant flip-flop: She once campaigned on issues she now wants dropped from Biden’s plan

  Sinema's giant flip-flop: She once campaigned on issues she now wants dropped from Biden’s plan Sinema now pushing to save Trump’s tax cuts, after calling for corporations and the rich to “pay their fair share” U.S. Sen. Kyrsten Sinema (D-AZ) speaks during a United States Senate Committee on Finance hearing to consider Chris Magnus's nomination to be Commissioner of U.S. Customs and Border Protection on October 19, 2021 in Washington, DC.

Asked if she was surprised that the Trump tax law could remain in place once Democrats approve their social spending bill, Warren told Insider: "Yes. The Trump tax law is a very bad idea. We should get rid of it."

Yet the possibility that chunks of the Trump tax law remains in place underscores the knotty political maneuvering that Democrats are undergoing to turn Biden's economic bills into law with razor-thin majorities. Every Senate Democrat must be onboard along with nearly every House Democrat for the package to clear the reconciliation process, which only requires a simple majority.

At the town hall, Biden recognized the outsized sway that figures like Manchin and Sinema have over his domestic agenda, given they have the ability to sink the nascent legislation if they opposed it.

"Look, in the United States Senate, when you have 50 Democrats, everyone is the president," Biden said.

Read the original article on Business Insider

Paid family leave falls out of Biden bill as tempers rise .
WASHINGTON (AP) — Top Democrats signaled a deal is within reach on President Joe Biden's big domestic bill but momentum fizzled and tempers flared late Wednesday as a paid family leave proposal fell out and a billionaires' tax appeared scrapped, mostly to satisfy a pivotal member of the 50-50 Senate. With his signature domestic initiative at stake, Biden will head to Capitol Hill on Thursday morning to urge Democratic lawmakers to bring talks on the social services and climate change bill “over the finish line” before he departs for global summits overseas.

usr: 1
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