this post was submitted on 21 Aug 2024
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'Let's Go!' Top Economist Applauds as Harris Signals Support for Billionaires Tax (www.commondreams.org)
submitted 2 months ago by jeffw@lemmy.world to c/news@lemmy.world
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[–] would_be_appreciated@lemmy.ml 13 points 2 months ago (3 children)

Correct if I'm wrong here, but is this article just "Economist comments on something it has been claimed the Harris campaign team said, but is not explicitly mentioned anywhere in writing or in speeches"?

If she planned on taxing billionaires, she'd be shouting it from the rooftops. That's a popular policy. It's not going to be something she keeps in her back pocket and then when she's president goes SURPRISE MOTHERFUCKERS. Not that she could do it by EO anyway, but honestly, this is so far from a reality it just barely qualifies as news.

[–] grue@lemmy.world 9 points 2 months ago (1 children)

If she planned on taxing billionaires, she’d be shouting it from the rooftops. That’s a popular policy.

Not among corporate mega-donors, it isn't! Keeping it in her back pocket -- not until she's president, but until shortly before the election and, crucially, after their checks clear -- is exactly what she should do.

[–] would_be_appreciated@lemmy.ml 6 points 2 months ago (1 children)

Nobody would be happier than me to see that happen, but seeing how nobody's ever done something like that before I have my doubts. Can't remember the last Democrat that actually got more radical than the platform they ran on. Certainly wasn't anybody in the last 50 years.

[–] Phoenix3875@lemmy.world 8 points 2 months ago (1 children)

The article cited the 2025 budget [PDF]. It's under the section "Proposes a Minimum Tax on Billionaires".

To finally address this glaring inequity, the Budget includes a 25 percent minimum tax on the wealthiest 0.01 percent, those with wealth of more than $100 million.

Though the Harris campaign is not directly mentioned, I think we may assume it's coming from both Harris and Biden.

[–] would_be_appreciated@lemmy.ml 3 points 2 months ago

This is actually really helpful clarification, I did just miss some of that. It's no wealth tax, but it's better than nothing.

[–] TransplantedSconie@lemm.ee 2 points 2 months ago (1 children)
[–] TransplantedSconie@lemm.ee 3 points 2 months ago* (last edited 2 months ago) (1 children)

Vice President Kamala Harris will push to increase the corporate tax rate to 28% from the current 21%, her campaign said Monday, the first day of the Democratic National Convention in Chicago.

Coming days after she unveiled a four-part economic package that would provide tax relief to working and middle-class Americans, the corporate tax proposal marks Harris’ first effort to detail how she would pay for her policy platform should she win the presidential election.

"As President, Kamala Harris will focus on creating an opportunity economy for the middle class that advances their economic security, stability, and dignity,” campaign spokesperson James Singer said in a statement. “Her plan is a fiscally responsible way to put money back in the pockets of working people and ensure billionaires and big corporations pay their fair share.”

[–] would_be_appreciated@lemmy.ml 2 points 2 months ago (1 children)

The commondreams article says "endorsement of taxes on ultra-wealthy individuals and large corporations" - your linked article says she's raising the corporate tax rate not even up to what it was before Trump. So, sure, I guess that technically counts as the "large corporations" part, but it doesn't meet the "ultra-wealthy individuals" language or the "billionaires tax" claim in the headlines.

I love that she says she wants to raise it somewhat. I love that she wants to give tax breaks to working class people. I don't love that this makes it out to be something it's not.