No, the thing everyone hates about her is that Manchin is from a Trump + 50000000 state and still votes with the dems, and she’s from a fucking Biden +1 state and votes the same was as Manchin. Her co-senator is significantly more liberal. She has no excuse. She’s just awful.
The Biden tax plan, if enacted, could have some pretty punitive and weird results. If they pass no basis step up, rich people’s’ heirs are going to get crushed (I understand this is the point).
If you have a random business that you founded worth $100 million and you die, your estate owes .4 x $80 million = $32 million (assuming you still have your estate tax exemption). In addition, if your heir (assume just one) sells, they also owe an additional $40 million.
Obviously an extreme example and there will be mega tax planning but this is a huge potential change. To be clear I’m fine with this 60+% effective tax rate but hoo boy are we going to hear from the 7 family farms in line to be soaked.
You could always pay your workers more so you don’t have $100 million when you die.
Ok, that’s a little glib. But still. Does society need sole proprietor businesses worth $100 million?
I realize Riverman’s point is that it will become a political talking point but I would be for the failsons getting $0 personally and not feel a bit bad about it. That would solve some major societal problems if it was possible to enforce. Obviously in the real world the rich people will just invent new tax shelters and other nonsense to never pay anything.
They’ve actually finally taken the correct tact of an opening position such that when there is a material compromise it is still a good outcome.
I assume that company value of $100M includes assets? If someone inherits an equipment-heavy company worth $100M and has to pay $40M in taxes on it that does seem a bit problematic. I assume I’m not the first to raise this point and that fact is accounted for somehow.
Note that this is a very separate situation to some rich dude who just owns a bunch of stock. Fuck you, sell off your stock and pay the damn taxes.
Sounds like the genius job creator should have figured this out and obtained some liquidity before he died and fucked up his own company.
Nah, $100MM value net of debt.
It gets complicated fast, though. In reality Mr. $100 million has already given each of his three kids 33% of the company in non voting stock via tax advantaged trusts (with massive minority discounting), and further transferred tons of highly appreciated stocks via GRATs. He’s also making use of a truly massive $23 million generation skipping tax exemption. And this assumes he doesn’t just go the “fuck it I’m headed offshore, stop me” route, like this guy, who only got caught because he fucked over his employees and got sued:
https://www.autonews.com/dealers/reynolds-and-reynolds-ceo-brockman-charged-tax-evasion-laundering
Now that I think about it private firms probably won’t get crushed, unless there is a sudden death or they inexplicably don’t do tax planning.
That won’t stop them from complaining about it, though.
Lol, this interview is pathetic.
I think Carville makes some good points. Hammering Jordan every time he speaks for enabling sex abuse was spot on. Pointing out Florida may not be hopeless based on the felon voting and min. wage votes was interesting.
This is how it should go, btw.
Yes. But …
Attacking the left like its their fault that Dems have a messaging problem is debunked circa 2016 theory. Also the idea that we should listen to Carville at all on popular political messaging after his wildly successful advisory efforts on, uh, Kerry 2004, Hillary 2008, and lol Michael Bennett 2020. OK Boomer.
Yeah, a real shame we didn’t get to string him up in Central Park or whatever nonsense he was babbling about during bernies rise.
Right wing lie. Hopefully we will all be more cautious going forward instantly buying into a story because it fits our preconceived notions.
That would be potentially great news if the Democratic Party supported raising the minimum wage.
I do not know what you are referring to ‘circa 2016 theory’. I am of the belief that shifting the Overton window via slogans like ‘abolish the police’ may have great benefits in the long run. But such slogans likely also prove detrimental in the electoral short run if the polling I have seen posted here is correct. It is a hard problem to solve, particularly given the Republicans fascist tendencies. If they win in the short term that can be devastating to democracy in the long term. Alienating voters with far leftist dogma, despite the imperative to start enlightening people, is not without its dangers.
In what world does Manchin vote for the infrastructure bill as is with the clean energy clause included that states “achieving 100% carbon-free electricity by 2035”. 6% of WV’s economy is coal.
Coal is already fucked and the jobs are already gone. That 6% is down from some mid double digit number a few decades back and it’s only 2% of jobs in the state and falling rapidly.
The free market killed coal already without any help from environmental policy. It’s just not cost effective to dig it out of the ground over two hundred years after humans started actively looking for it, particularly when compared to natural gas fracking.
So what Joe Manchin really needs from this infrastructure bill is a fuckton of federal spending to take place in WV. The GDP of the whole state was 68B last year so anything over 4B a year would be bigger in total size than what’s left of the entire WV coal industry.
We should be able to get what we want and pay off Manchin hard enough that he can get reelected no problem in 2024.
I dunno, this doesnt read to me like a Susan Collins “troubled” statement. Not that hypocrisy matters, and I get these are just words, but he’s going out of his way to not leave himself any wiggle room. Also says he wont be a 50th vote for HR1 but Im more skeptical on that if they somehow were able to do that through reconciliation.
e class="onebox allowlistedgeneric" data-onebox-src="https://www.vox.com/22339531/manchin-filibuster-bipartisanship-senate-west-virginia">
Vox – 27 Apr 21
But is his love for the filibuster dooming the country to dysfunction?
But Manchin thinks he’s saving the country from an even worse fate: “violent swings” from one party’s total control over the law to the other’s. “I truly believe in my heart of hearts, if we get rid of the filibuster, we would lose the purpose of this democracy, of this republic, which is for the people,” he said. “Not on my watch is that gonna happen.”
“It might happen on somebody else’s watch,” he added. “God help us as a country if it does.”