How Biden’s Lofty Tax Agenda Was Pared Back

Washington Post: “To meet the demands of Sen. Kyrsten Sinema (D-AZ), the White House agreed to drop a proposed 3 percent tax on taxpayers earning over $5 million, instead agreeing to target the higher tax to those earning more than $10 million… The move exempted roughly 35,000 of the wealthiest Americans, or approximately .02 percent of the richest 1 percent, from the new levy.”

“The Biden administration also agreed to pull a proposed tax in late October targeting 700 billionaires after it faced criticism from a number of top Democrats, including House Speaker Nancy Pelosi (Calif.), who complained in one phone call with senior party officials on Oct. 26 that the plan amounted to a publicity stunt…”

“And while the White House is pushing a new 15 percent minimum tax on corporations, the measure faces fresh objections this week from renewable-energy groups who are warning it could undermine the party’s climate goals.”

Jonathan Chait: “Just how did we arrive at such an absurd point? A short history is in order.”