President Biden’s $3.5 trillion tax-and-spend program, now moving through Congress, has had one setback after another.
Some moderate Democrats opposed it …
President Biden’s $3.5 trillion tax-and-spend program, now moving through Congress, has had one setback after another. Some moderate Democrats opposed it as spending too much, and others insisted it didn’t spend enough. Then some extremists demanded they vote on the spending plan before or at the same time the House considers a bipartisan $1 trillion infrastructure package. Then Biden’s requested 28% corporate tax rate was cut down to 26.5%. Now it appears his insistence that banks report transactions of more than $600 by anyone is doomed. A new report explains that Biden’s idea was to collect trillions of dollars in additional taxes by cracking down on financial transactions. He picked the $600 level, which in America likely would catch every consumer who buys a set of tires for a car, remodels a basement, or even buys new blinds for a bedroom. Business groups, banking associations and more came out in opposition, and now House Ways and Means Chairman Richard Neal is suggesting that threshold will have to be changed. He said there’s „agreement“ that the threshold won’t be $600, although what it could end up isn’t clear.
