Sinema Balks, Gets Bill Changed

Apparently, the whole reason that Arizona Democrat Senator, Kyrsten Sinema was against the proposed multi billion dollar climate change and liberal spending bill only because of the “carried interest tax loophole” closure.

Senate Majority Leader, Chuckles Schumer had no choice but to remove that provision from the bill in order to persuade Sinema to get on board. Once that was out of the bill, she was OK with the rest of it apparently.

The bill was designed to charge money managers with an additional tax because of a loophole Schumer wanted to close. Schumer claimed that because of that loophole, money advisors were able to pay less tax than most middle and lower income people. Personally, I don’t buy that since 48% of Americans don’t pay any income tax at all. That would include most middle and lower income people!

By taking the closure of the loophole out of the bill, it would cost about $14 billion in revenue. So, Schumer decided that he would hit corporations with a tax any time they instituted a stock “buy back” program. That typically is done when the stock is at a lower price than the company believes it should be. They then buy back as much stock as they can, which drives the share price north. The added tax to the corporations were estimated to add about $74 billion in revenue, a huge amount compared to what was pared out.

So, it looks like corporations won’t be as quick to re-purchase their own stock when the bill passes. Overall, the bill is seen as a tax and spend boost for Democrats that will allow them to get closer to Biden’s social spending targets to be ultimately wasted on climate change issues that haven’t been proven to do anything to actually reduce climate change. That’s because, as more and more scientists are starting to realize…it’s the earth’s cycle, not Jimmy’s mom’s SUV that is the cause of it.

Even if the Democrats are able to push this through, as it looks now, it’s going to be too late to actually accomplish anything come November, where the GOP is still poised to take over at least the House and quite possibly the Senate.

Carry on world…you’re dismissed!

3 thoughts on “Sinema Balks, Gets Bill Changed

  1. I promise you I have no reason to believe that the Grand Old Party is America’s solution to what ails us. I only vote as an affiliate of those goons because my state requires that I choose one of two options, and “independent” isn’t one of them. But no human invention on earth is more destructive to individuals, families, or societies than the Democratic Party. An American is safer swimming off the coast of Naples, Florida, in the spring than living in a state, county, city, town, village, or unincorporated area controlled by Democrats. Here — let me give you these historical examples to chew on for a while, and then you’ll see that Krysten and Chuckles are merely carrying on an American tradition.

    To continue my saga about FDR, in the first year of Roosevelt’s administration (a landslide victory) won by convincing voters that Hoover was a red, that he wanted a 25% cut in federal spending, a balanced budget, a gold standard preserved for the ages, getting government out of the affairs of private businesses, and an end to the extravagance of Herbert’s farm programs) here’s what happened between 1934-1937:

    *FDR spent $7 billion more than U.S. revenues.
    *FDR increased government spending by 83% and government debt by 73%. He was far from done. The AAA levied a tax on agricultural processors and used those revenues to pay for the wholesale destruction of valuable crops and cattle.
    *FDR’s agents supervised the destruction of perfectly good fields of unharvested cotton, wheat, and corn and slaughtered millions of healthy cattle, sheep, and pigs, and buried their carcasses in mass graves.
    *In destroying agricultural production, FDR drove the price of goods through the roof and imposed starvation on those who couldn’t afford to pay those prices.
    *FDR forced most manufacturing plants into federally mandated cartels, which regulated prices and terms of sale and, at a time when America needed a break, increased the cost of doing business by 40%. The top income tax rate was 94% of earned income. But where did all this money go?
    *FDR used it to pay for public relief programs where he hired actors to give free shows and librarians to catalog archives. He paid researchers to study the history of the safety pin and employed 100 workers in Washington to patrol the streets with balloons to frighten starlings away from public buildings — while paying others to chase tumbleweeds on windy days.
    *The WPA, another of his alphabet soup agencies, spent gazillions on wasteful projects and wasted valuable resources doing it. And when the SCOTUS tried to stop him, he embarked on a plan to “pack the court” with FDR appointees. His own V.P., a former speaker of the house, stepped up to stop him.

    FDR’s New Deal kept the Great Depression alive for 12 years. The man didn’t create the stock market crash (and neither did Hoover), but Roosevelt made the Depression period worse for every single American. And they lined up to reelect that moron four times. God help us, how is any of this even possible?

    Nowadays, $14 billion here, $14 billion there … it doesn’t matter. You see, there’s no such thing as money. But even if there was such a thing as money — tax and spend Democrats can do nothing other than tax and spend. That’s their schtick. And it doesn’t even matter if none of the non-existent money ever gets to where they wanted it to go … the American people, in all likelihood the dumbest people on the planet, would reelect Democrats no matter how bad the economy got. History tells us this is true. And the saddest part of this story is that the American people deserve no better than this. After all, they voted for it.

    Liked by 1 person

    1. Great points! I’ve always said that there is one problem with liberalism in any form. It doesn’t work. It’s never worked when it’s been tried and it only leads to the government running things until they run out of Other People’s Money! Then there is usually a revolt. In this country, that happens, but we don’t have a revolution, we have an election.

      Liked by 1 person

Comments are closed.