It’s as much a math problem as a political one: The numbers simply do not add up.
The Democratic Party has been tearing itself to pieces debating whether its latest reconciliation bill should spend $3.5 trillion or $2 trillion or even $1.5 trillion. Less noticed, but perhaps more important, has been the quiet death of the progressives’ bold “tax the rich” utopia.
For years, socialists and progressives such as Bernie Sanders and Elizabeth Warren have enticed voters with free-lunch promises of a European social democracy financed mostly by new taxes on millionaires and large corporations. Now that Democrats have full control of the White House, House, and Senate, they can no longer blame Republicans for blocking these taxes. Instead, basic politics and simple arithmetic won out.
Joe Biden was elected president while promising to add $11 trillion in new spending and $4 trillion in corporate and upper-income taxes over the decade. Now it appears Democrats will be fortunate to squeeze out more than $1 trillion in new taxes.
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