| And Jonathan Chait in the Intelligencer: Sinema refuses to accept a tax on “working schlubs pulling down a mere $8 or $9 million a year” |
| PHOENIX — New reporting reveals once again that Sen. Kyrsten Sinema is fighting harder for millionaires and billionaires than she is for working class Arizonans. An article in the Washington Post yesterday outlined Senator Sinema’s critical role in scrapping a 3% tax on households earning more than $5 million annually, and instead agreeing to a provision that only imposes the increase on households making more than $10 million. New York Magazine’s Jonathan Chait also wrote an article in the Intelligencer yesterday titled, “Sinema: Households Earning $9 Million a Year Are Too Poor to Pay More Tax.” In the piece Chait writes, “Sinema reportedly told the administration that raising taxes — by a mere 3 percentage points! — on households earning more than $5 million is too onerous. Sinema would only accept a tax on the real rich people who earn $10 million a year or more, not the working schlubs pulling down a mere $8 or $9 million a year.” In response, the Primary Sinema Project released the following statement: “Sinema has spent her first term protecting millionaire donors from having to pay their fair share in taxes, at the expense of the rest of us. Millionaires don’t need any more politicians in their pocket. Arizonans deserve a senator who won’t be bought.” Read the Washington post article here and excerpts below: Democrats’ lofty tax agenda imperiled by resistance from within By: Jeff Stein The White House and its allies wanted to rewrite the tax code, raising rates on businesses and the wealthy. But key Democrats balked, and they scaled everything back. Democrats swept into power earlier this year promising to raise tax rates on corporations and the wealthy to pay for their ambitious social agenda. Both have been dramatically pared back, with a suite of their initial ideas on taxes in particular imperiled by resistance from within the party. To meet the demands of Sen. Kyrsten Sinema (D-Ariz.), 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, two people familiar with the matter said on the condition of anonymity to discuss the internal negotiations. The move exempted roughly 35,000 of the wealthiest Americans, or approximately .02 percent of the richest 1 percent, from the new levy, according to the most recent Internal Revenue Service data. […] The White House’s initial tax plans included raising the corporate tax rate for the largest firms from 21 percent to 28 percent, taxing investment income earned on assets such as stocks like ordinary income for those earning more than $1 million per year, and closing a loophole that allows the wealthy to pass down vast inheritances tax-free. The White House also wanted to raise the top tax bracket to 39.6 percent, which would have affected most taxpayers earning over $500,000 per year. Those plans have now been shelved, due to Sinema’s steadfast opposition to raising corporate or individual tax rates and rural Democrats’ opposition to taxing inheritances at death. The White House is now proposing roughly $1.5 trillion in new tax hikes on businesses and the wealthy, which administration officials are adamant would still go far to rebalance the tax code and adhere to Biden’s pledge to require the rich and corporations to “pay their fair share.” […] A Sinema spokeswoman did not return a request for comment. While the changes she pushed exempted those earning between $5 million and $10 million per year, Democrats’ revised plan includes an additional 8 percent “surtax” on income above $25 million per year. READ THE WHOLE STORY HERE: LINK |