When it comes to tax rates, democrats have a big problem: Kyrsten Sinema. Sen. Sinema’s opposition to tax increases is forcing democrats to take another look at financing their social policy and climate package without raising tax rates on businesses, wealthy individuals or capital gains. The Arizona democrat has made it clear she is opposed […]
When it comes to tax rates, democrats have a big problem: Kyrsten Sinema.
Sen. Sinema’s opposition to tax increases is forcing democrats to take another look at financing their social policy and climate package without raising tax rates on businesses, wealthy individuals or capital gains.
The Arizona democrat has made it clear she is opposed to any increase in those rates, per the Wall Street Journal. Her stance is now pushing democrats to plan for a bill that doesn’t include those revenue increases.
Because democrats need all 50 members of their caucus to stand behind the plan, Sinema’s opposition poses a serious problem.
Democrats had been hoping to pay for their whole social policy and climate bill - which is expected to cost around $2 trillion - using the revenue from tax increases and government savings.
“I know some folks want to take away rate increases, it makes getting there using more interesting ideas - I want to get there but I’ve got a long way to go,” Sen. Mark Warner said.
Almost all democrats support raising tax rates. Even Sen. Joe Manchin, known for often separating from his party, said he would accept a 25 percent corporate tax rate.
