WASHINGTON – Republican Senate Minority Leader Joe Biden and Minority Leader Mitch McConnell strengthened their positions on Monday on tax hikes for millionaires. And the companies Biden has offered to fund his infrastructure and extensive study plans.
“We opened up about $ 600 billion worth of packages, which are what we all agree with: “Infrastructure,” McConnell said at an event in Kentucky. “And to talk about other payment methods besides the re-opening of the 2017 tax reform bill”
Raising corporate tax rates to 28%, up from 21%, is at the heart of Biden’s offer to pay for the American Jobs Plan, a massive improvement in the nation’s infrastructure and energy sector, which will create jobs after the adoption of the American Jobs Plan. Spreading the corona virus
But on Monday, McConnell called the 2017 tax cut the most significant domestic achievement in the past four years under former President Donald Trump. Another story, ”he said.
McConnell’s insistence on defending the 2017 tax cut gave the cold water the best chance that the White House and Congress Republicans had to reach a deal at least part of Biden’s domestic agenda.
“I don’t think there is no Republican support for the $ 4.1 trillion wallet that has infrastructure in it. But there are many other things, ”McConnell said.
Senate Minority Leader Mitch McConnell (R-KY) arrives to speak after a Republican policy lunch on Capitol Hill in Washington on April 13, 2021.
Joshua Roberts | Reuters
But it wasn’t just McConnell that streaked in the sand on Monday.
Biden did too during a visit to a community college in Norfolk, Virginia, where he proposed an expansion of pre-school and community college scholarships as part of the American Family Plan. Of him to expand social safety networks
The $ 1.8 trillion plan receives most of the money from each change to tax law, as well as higher income tax rates for the wealthy and rigorous enforcement by the IRS.
“I’m from the capital of the world,” said Biden, who is from Delaware’s confluence center. But it’s time for them to start paying their fair share, ”he said.
“I don’t want to punish anyone. But everyone should chip. Everyone should pay something along the way. Here, the choice is one that the economy serves, so I plan to cut taxes on the working class and make everyone. Pay a fair share “Said the president.
In addition to revert to the pre-2017 income tax rate for the highest earners, Biden proposed expanding the IRS’s ability to monitor individual income to tax the death benefit and increase the profit tax rate. The investment is almost 40%, which will match the individual income tax rate.
Biden was wary on Monday not to personally frame the very rich, saying “They are good people, not bad people”
But the president also made clear that he viewed these tax hikes as more than a necessary outrage in support of his grand scheme: They are a key player in creating a sense of shared responsibility and a shared burden in the economy. American
“It’s been too long since we’ve had an economy that gives the world’s least demanding people a break,” he said. “It’s time to grow the economy from bottom to top and center.”
Despite McConnell’s hard call, White House officials plan to dedicate additional time this week to lobbying Republicans key people in Congress to support an infrastructure overhaul.
Biden also plans to host McConnell, House Minority Leader Kevin McCarthy, House Majority Leader Nancy Pelosi and Senate Majority Leader Chuck Schumer at the White House on May 12 for a broader discussion on shared priorities.
But Democrats in and around the White House admitted that Biden had a narrow time to pass a key agenda in his country and that they were wary of spending too much time courting Republicans to get down. Votes which may never have been actual
Veteran political strategist in Biden’s orbit also clearly remembers former President Barack Obama’s 2009 Republican reach to support the Affordable Care Act. Despite months of efforts But Obama’s signature law ultimately failed to collect any GOP votes.
According to Sen. Chris Coons, D-Del., Biden’s close ally, has an unofficial May 31 deadline for the White House and Republicans in Congress to reach a consensus if it is. Possible
“I believe President Biden is ready to spend next month negotiating the possibility,” Coons told Punchbowl News last month.
If Memorial Day doesn’t have a deal, Coons said, “I think Democrats just put together a large batch and move on.”