Email
Biden’s Tax Agenda in Peril as Congressional Democrats Respond to Lobbyists
| From | Citizens for Tax Justice <[email protected]> |
| Subject | Biden’s Tax Agenda in Peril as Congressional Democrats Respond to Lobbyists |
| Date | September 1, 2021 1:24 PM |
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Yr0=3D.
The Latest Take from Citizens for Tax Justice
Biden=E2=80=99s Tax Agenda in Peril as Congressional Democrats Respond to L=
obbyists
=20
Former Democratic Senator Heidi Heitkamp Paid to Reverse Her Position on Ca=
pital Gains=20
While speaking on national television four months ago, Heidi Heidkamp, form=
er senator from North Dakota and a Democrat, criticized the =E2=80=9Csteppe=
d up basis rule=E2=80=9D allowing people like Jeff Bezos to avoid paying ta=
xes on their real income. Today she is paid to promote the opposite view an=
d lobbies against Biden=E2=80=99s proposal to repeal that unfair tax loopho=
le for the wealthy. Read more.
=20
Group of House Democrats Say International Tax Negotiations Justify Inactio=
n by Congress
President Biden proposes to lift the corporate tax rate to 28 percent and t=
o ensure that offshore profits of corporations are taxed at a rate of at le=
ast 21 percent. Corporations would no longer benefit from using accounting =
gimmicks to claim their profits are earned in offshore tax havens where the=
y will not be taxed. International negotiations at the OECD and G-20 are mo=
ving towards a global agreement to tax offshore profits at a rate of at lea=
st 15 percent, which would make Biden=E2=80=99s proposal work even better b=
ecause it would reduce the gap the rate imposed by the U.S. and the rates i=
mposed by other countries. However, some House Democrats make a convoluted =
argument that the international negotiations are a reason for Congress to d=
o nothing. Read more.
=20
Some Congressional Democrats More Focused on Cutting Taxes for the Rich by =
Repealing the SALT Cap =20
While Congressional Democrats remain divided over raising revenue, a vocal =
group of the caucus demands the repeal of the one provision in the Trump ta=
x law that restricts tax breaks for the rich. The combination of their desi=
re to repeal the SALT cap and their apparent unwillingness to raise taxes c=
reates a dynamic where the richest Americans could end up paying less than =
they pay now under the forthcoming legislation. Read more.
=20
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<th class=3D"columns small-12 large-12 first last" style=3D"w=
ord-wrap: break-word; vertical-align: top; color: #3c4144; font-family: ari=
al,helvetica,sans-serif; font-weight: 400; padding: 0; text-align: left; fo=
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p: 24px; padding-bottom: 24px; word-break: break-word; width: 564px; paddin=
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color: #3c4144; font-family: arial,helvetica,sans-serif; font-weight: 400; =
padding: 0; margin: 0; Margin: 0; font-size: 12pt; line-height: 1.5; margin=
-bottom: 10px; Margin-bottom: 10px; text-align: center;"><span style=3D"fon=
t-size: 14px;"><em>The Latest Take from Citizens for Tax Justice</em></span=
></p> <h1 id=3D"ca28" style=3D"padding: 0; margin: 0; Margin: 0; line-heigh=
t: 130%; color: inherit; word-wrap: normal; font-family: arial,helvetica,sa=
ns-serif; font-weight: 400; margin-bottom: 10px; Margin-bottom: 10px; font-=
size: 34px; text-align: center;"><a title=3D"Biden=E2=80=99s Tax Agenda in =
Peril as Congressional Democrats Respond to Lobbyists" href=3D"[link removed]
neonemails.com/emails/tracking/click-link/WPJzJebbUinEJlh9sENoodj9Iij8jPbvg=
oheYezvYr0=3D/40nff5IVT2G9D0Cu6oONA7tY9Ve1h8_qiR9Q3-95L-A=3D" target=3D"_bl=
ank" rel=3D"noopener" style=3D"text-decoration: none; font-family: arial,he=
lvetica,sans-serif; font-weight: inherit; padding: 0; text-align: left; lin=
e-height: 1.5; color: #0074d9;">Biden=E2=80=99s Tax Agenda in Peril as Cong=
ressional Democrats Respond to Lobbyists</a></h1> <p data-selectable-paragr=
aph style=3D"color: #3c4144; font-family: arial,helvetica,sans-serif; font-=
weight: 400; padding: 0; margin: 0; Margin: 0; text-align: left; font-size:=
12pt; line-height: 1.5; margin-bottom: 10px; Margin-bottom: 10px;"> <=
/p> <p style=3D"color: #3c4144; font-family: arial,helvetica,sans-serif; fo=
nt-weight: 400; padding: 0; margin: 0; Margin: 0; text-align: left; font-si=
ze: 12pt; line-height: 1.5; margin-bottom: 10px; Margin-bottom: 10px;"><str=
ong>Former Democratic Senator Heidi Heitkamp Paid to Reverse Her Position o=
n Capital Gains </strong></p> <p class=3D"graf graf--p" style=3D"color: #3c=
4144; font-family: arial,helvetica,sans-serif; font-weight: 400; padding: 0=
; margin: 0; Margin: 0; text-align: left; font-size: 12pt; line-height: 1.5=
; margin-bottom: 10px; Margin-bottom: 10px;">While speaking on national tel=
evision four months ago, Heidi Heidkamp, former senator from North Dakota a=
nd a Democrat, criticized the =E2=80=9Cstepped up basis rule=E2=80=9D allow=
ing people like Jeff Bezos to avoid paying taxes on their real income. Toda=
y she is paid to promote the opposite view and lobbies against Biden=E2=80=
=99s proposal to repeal that unfair tax loophole for the wealthy. <a href=
=3D"[link removed]
ENoodj9Iij8jPbvgoheYezvYr0=3D/40nff5IVT2G9D0Cu6oONA97ra4Gtse97AxSPd9cJ7ow=
=3D" style=3D"color: #0074d9; text-decoration: none; font-family: arial,hel=
vetica,sans-serif; font-weight: inherit; padding: 0; text-align: left; line=
-height: 1.5;">Read more.</a></p> <p class=3D"graf graf--p" style=3D"color:=
#3c4144; font-family: arial,helvetica,sans-serif; font-weight: 400; paddin=
g: 0; margin: 0; Margin: 0; text-align: left; font-size: 12pt; line-height:=
1.5; margin-bottom: 10px; Margin-bottom: 10px;"> </p> <p style=3D"col=
or: #3c4144; font-family: arial,helvetica,sans-serif; font-weight: 400; pad=
ding: 0; margin: 0; Margin: 0; text-align: left; font-size: 12pt; line-heig=
ht: 1.5; margin-bottom: 10px; Margin-bottom: 10px;"><strong>Group of House =
Democrats Say International Tax Negotiations Justify Inaction by Congress</=
strong></p> <p class=3D"graf graf--p" style=3D"color: #3c4144; font-family:=
arial,helvetica,sans-serif; font-weight: 400; padding: 0; margin: 0; Margi=
n: 0; text-align: left; font-size: 12pt; line-height: 1.5; margin-bottom: 1=
0px; Margin-bottom: 10px;">President Biden proposes to lift the corporate t=
ax rate to 28 percent and to ensure that offshore profits of corporations a=
re taxed at a rate of at least 21 percent. Corporations would no longer ben=
efit from using accounting gimmicks to claim their profits are earned in of=
fshore tax havens where they will not be taxed. International negotiations =
at the OECD and G-20 are moving towards a global agreement to tax offshore =
profits at a rate of at least 15 percent, which would make Biden=E2=80=99s =
proposal work even better because it would reduce the gap the rate imposed =
by the U.S. and the rates imposed by other countries. However, some House D=
emocrats make a convoluted argument that the international negotiations are=
a reason for Congress to do nothing. <a href=3D"[link removed]
/emails/tracking/click-link/WPJzJebbUinEJlh9sENoodj9Iij8jPbvgoheYezvYr0=3D/=
40nff5IVT2G9D0Cu6oONA0OJmjv1jhlS1e3NoroRDX8=3D" style=3D"color: #0074d9; te=
xt-decoration: none; font-family: arial,helvetica,sans-serif; font-weight: =
inherit; padding: 0; text-align: left; line-height: 1.5;">Read more.</a></p=
> <p class=3D"graf graf--p" style=3D"color: #3c4144; font-family: arial,hel=
vetica,sans-serif; font-weight: 400; padding: 0; margin: 0; Margin: 0; text=
-align: left; font-size: 12pt; line-height: 1.5; margin-bottom: 10px; Margi=
n-bottom: 10px;"> </p> <p style=3D"color: #3c4144; font-family: arial,=
helvetica,sans-serif; font-weight: 400; padding: 0; margin: 0; Margin: 0; t=
ext-align: left; font-size: 12pt; line-height: 1.5; margin-bottom: 10px; Ma=
rgin-bottom: 10px;"><strong>Some Congressional Democrats More Focused on Cu=
tting Taxes for the Rich by Repealing the SALT Cap </strong></p> <p c=
lass=3D"graf graf--p" style=3D"color: #3c4144; font-family: arial,helvetica=
,sans-serif; font-weight: 400; padding: 0; margin: 0; Margin: 0; text-align=
: left; font-size: 12pt; line-height: 1.5; margin-bottom: 10px; Margin-bott=
om: 10px;">While Congressional Democrats remain divided over raising revenu=
e, a vocal group of the caucus demands the repeal of the one provision in t=
he Trump tax law that restricts tax breaks for the rich. The combination of=
their desire to repeal the SALT cap and their apparent unwillingness to ra=
ise taxes creates a dynamic where the richest Americans could end up paying=
<em><u>less than they pay now</u></em> under the forthcoming legislation. =
<a title=3D"Read more." href=3D"[link removed]
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If you're having trouble viewing this email, you can see it online, [link removed].
The Latest Take from Citizens for Tax Justice
Biden’s Tax Agenda in Peril as Congressional Democrats Respond to Lobbyists
Former Democratic Senator Heidi Heitkamp Paid to Reverse Her Position on Capital Gains
While speaking on national television four months ago, Heidi Heidkamp, former senator from North Dakota and a Democrat, criticized the “stepped up basis rule” allowing people like Jeff Bezos to avoid paying taxes on their real income. Today she is paid to promote the opposite view and lobbies against Biden’s proposal to repeal that unfair tax loophole for the wealthy. Read more.
Group of House Democrats Say International Tax Negotiations Justify Inaction by Congress
President Biden proposes to lift the corporate tax rate to 28 percent and to ensure that offshore profits of corporations are taxed at a rate of at least 21 percent. Corporations would no longer benefit from using accounting gimmicks to claim their profits are earned in offshore tax havens where they will not be taxed. International negotiations at the OECD and G-20 are moving towards a global agreement to tax offshore profits at a rate of at least 15 percent, which would make Biden’s proposal work even better because it would reduce the gap the rate imposed by the U.S. and the rates imposed by other countries. However, some House Democrats make a convoluted argument that the international negotiations are a reason for Congress to do nothing. Read more.
Some Congressional Democrats More Focused on Cutting Taxes for the Rich by Repealing the SALT Cap
While Congressional Democrats remain divided over raising revenue, a vocal group of the caucus demands the repeal of the one provision in the Trump tax law that restricts tax breaks for the rich. The combination of their desire to repeal the SALT cap and their apparent unwillingness to raise taxes creates a dynamic where the richest Americans could end up paying less than they pay now under the forthcoming legislation. Read more.
Read or share this story from your browser.
For more Tax Takes, follow our blog on Medium.
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boundary="----=_Part_3397134_1962463676.1630502681097"
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If you're having trouble viewing this email, you can see it online, https:/=
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Yr0=3D.
The Latest Take from Citizens for Tax Justice
Biden=E2=80=99s Tax Agenda in Peril as Congressional Democrats Respond to L=
obbyists
=20
Former Democratic Senator Heidi Heitkamp Paid to Reverse Her Position on Ca=
pital Gains=20
While speaking on national television four months ago, Heidi Heidkamp, form=
er senator from North Dakota and a Democrat, criticized the =E2=80=9Csteppe=
d up basis rule=E2=80=9D allowing people like Jeff Bezos to avoid paying ta=
xes on their real income. Today she is paid to promote the opposite view an=
d lobbies against Biden=E2=80=99s proposal to repeal that unfair tax loopho=
le for the wealthy. Read more.
=20
Group of House Democrats Say International Tax Negotiations Justify Inactio=
n by Congress
President Biden proposes to lift the corporate tax rate to 28 percent and t=
o ensure that offshore profits of corporations are taxed at a rate of at le=
ast 21 percent. Corporations would no longer benefit from using accounting =
gimmicks to claim their profits are earned in offshore tax havens where the=
y will not be taxed. International negotiations at the OECD and G-20 are mo=
ving towards a global agreement to tax offshore profits at a rate of at lea=
st 15 percent, which would make Biden=E2=80=99s proposal work even better b=
ecause it would reduce the gap the rate imposed by the U.S. and the rates i=
mposed by other countries. However, some House Democrats make a convoluted =
argument that the international negotiations are a reason for Congress to d=
o nothing. Read more.
=20
Some Congressional Democrats More Focused on Cutting Taxes for the Rich by =
Repealing the SALT Cap =20
While Congressional Democrats remain divided over raising revenue, a vocal =
group of the caucus demands the repeal of the one provision in the Trump ta=
x law that restricts tax breaks for the rich. The combination of their desi=
re to repeal the SALT cap and their apparent unwillingness to raise taxes c=
reates a dynamic where the richest Americans could end up paying less than =
they pay now under the forthcoming legislation. Read more.
=20
Read or share this story from your browser.
For more Tax Takes, follow our blog on Medium.
=20
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idden; mso-hide:all;"><!--NEONCRM-PREVIEW-TEXT-START---->How the wealthy co=
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<tr style=3D"padding: 0; vertical-align: top; text-align: left=
;">=20
<th class=3D"columns small-12 large-12 first last" style=3D"w=
ord-wrap: break-word; vertical-align: top; color: #3c4144; font-family: ari=
al,helvetica,sans-serif; font-weight: 400; padding: 0; text-align: left; fo=
nt-size: 12pt; line-height: 1.5; margin: 0 auto; Margin: 0 auto; padding-to=
p: 24px; padding-bottom: 24px; word-break: break-word; width: 564px; paddin=
g-left: 24px; padding-right: 24px; border-collapse: collapse;"><p style=3D"=
color: #3c4144; font-family: arial,helvetica,sans-serif; font-weight: 400; =
padding: 0; margin: 0; Margin: 0; text-align: left; font-size: 12pt; line-h=
eight: 1.5; margin-bottom: 10px; Margin-bottom: 10px;"><a href=3D"[link removed]
pi.neonemails.com/emails/tracking/click-link/WPJzJebbUinEJlh9sENoodj9Iij8jP=
bvgoheYezvYr0=3D/40nff5IVT2G9D0Cu6oONA9IIuM5_7hVs383pA2f2htQ=3D" style=3D"c=
olor: #0074d9; text-decoration: none; font-family: arial,helvetica,sans-ser=
if; font-weight: inherit; padding: 0; text-align: left; line-height: 1.5;">=
<img style=3D"outline: none; text-decoration: none; -ms-interpolation-mode:=
bicubic; max-width: 100%; clear: both; margin: 0 auto; Margin: 0 auto; flo=
at: none; text-align: center; border: none; display: block; width: 162px; h=
eight: auto;" src=3D"[link removed]
opped-bitmap-1-3(1).png" alt width=3D"162" height=3D"73"></a></p></th>=20
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</table>=20
<table class=3D"row" style=3D"border-spacing: 0; border-collapse=
: collapse; vertical-align: top; text-align: left; padding: 0; position: re=
lative; width: 100%; display: table; margin: 0; Margin: 0; background-color=
: #ffffff; font-family: arial,helvetica,sans-serif;">=20
<tbody>
<tr style=3D"padding: 0; vertical-align: top; text-align: left=
;">=20
<th class=3D"columns small-12 large-12 first last" style=3D"w=
ord-wrap: break-word; vertical-align: top; color: #3c4144; font-family: ari=
al,helvetica,sans-serif; font-weight: 400; padding: 0; text-align: left; fo=
nt-size: 12pt; line-height: 1.5; margin: 0 auto; Margin: 0 auto; padding-to=
p: 24px; padding-bottom: 24px; word-break: break-word; width: 564px; paddin=
g-left: 24px; padding-right: 24px; border-collapse: collapse;"><p style=3D"=
color: #3c4144; font-family: arial,helvetica,sans-serif; font-weight: 400; =
padding: 0; margin: 0; Margin: 0; font-size: 12pt; line-height: 1.5; margin=
-bottom: 10px; Margin-bottom: 10px; text-align: center;"><span style=3D"fon=
t-size: 14px;"><em>The Latest Take from Citizens for Tax Justice</em></span=
></p> <h1 id=3D"ca28" style=3D"padding: 0; margin: 0; Margin: 0; line-heigh=
t: 130%; color: inherit; word-wrap: normal; font-family: arial,helvetica,sa=
ns-serif; font-weight: 400; margin-bottom: 10px; Margin-bottom: 10px; font-=
size: 34px; text-align: center;"><a title=3D"Biden=E2=80=99s Tax Agenda in =
Peril as Congressional Democrats Respond to Lobbyists" href=3D"[link removed]
neonemails.com/emails/tracking/click-link/WPJzJebbUinEJlh9sENoodj9Iij8jPbvg=
oheYezvYr0=3D/40nff5IVT2G9D0Cu6oONA7tY9Ve1h8_qiR9Q3-95L-A=3D" target=3D"_bl=
ank" rel=3D"noopener" style=3D"text-decoration: none; font-family: arial,he=
lvetica,sans-serif; font-weight: inherit; padding: 0; text-align: left; lin=
e-height: 1.5; color: #0074d9;">Biden=E2=80=99s Tax Agenda in Peril as Cong=
ressional Democrats Respond to Lobbyists</a></h1> <p data-selectable-paragr=
aph style=3D"color: #3c4144; font-family: arial,helvetica,sans-serif; font-=
weight: 400; padding: 0; margin: 0; Margin: 0; text-align: left; font-size:=
12pt; line-height: 1.5; margin-bottom: 10px; Margin-bottom: 10px;"> <=
/p> <p style=3D"color: #3c4144; font-family: arial,helvetica,sans-serif; fo=
nt-weight: 400; padding: 0; margin: 0; Margin: 0; text-align: left; font-si=
ze: 12pt; line-height: 1.5; margin-bottom: 10px; Margin-bottom: 10px;"><str=
ong>Former Democratic Senator Heidi Heitkamp Paid to Reverse Her Position o=
n Capital Gains </strong></p> <p class=3D"graf graf--p" style=3D"color: #3c=
4144; font-family: arial,helvetica,sans-serif; font-weight: 400; padding: 0=
; margin: 0; Margin: 0; text-align: left; font-size: 12pt; line-height: 1.5=
; margin-bottom: 10px; Margin-bottom: 10px;">While speaking on national tel=
evision four months ago, Heidi Heidkamp, former senator from North Dakota a=
nd a Democrat, criticized the =E2=80=9Cstepped up basis rule=E2=80=9D allow=
ing people like Jeff Bezos to avoid paying taxes on their real income. Toda=
y she is paid to promote the opposite view and lobbies against Biden=E2=80=
=99s proposal to repeal that unfair tax loophole for the wealthy. <a href=
=3D"[link removed]
ENoodj9Iij8jPbvgoheYezvYr0=3D/40nff5IVT2G9D0Cu6oONA97ra4Gtse97AxSPd9cJ7ow=
=3D" style=3D"color: #0074d9; text-decoration: none; font-family: arial,hel=
vetica,sans-serif; font-weight: inherit; padding: 0; text-align: left; line=
-height: 1.5;">Read more.</a></p> <p class=3D"graf graf--p" style=3D"color:=
#3c4144; font-family: arial,helvetica,sans-serif; font-weight: 400; paddin=
g: 0; margin: 0; Margin: 0; text-align: left; font-size: 12pt; line-height:=
1.5; margin-bottom: 10px; Margin-bottom: 10px;"> </p> <p style=3D"col=
or: #3c4144; font-family: arial,helvetica,sans-serif; font-weight: 400; pad=
ding: 0; margin: 0; Margin: 0; text-align: left; font-size: 12pt; line-heig=
ht: 1.5; margin-bottom: 10px; Margin-bottom: 10px;"><strong>Group of House =
Democrats Say International Tax Negotiations Justify Inaction by Congress</=
strong></p> <p class=3D"graf graf--p" style=3D"color: #3c4144; font-family:=
arial,helvetica,sans-serif; font-weight: 400; padding: 0; margin: 0; Margi=
n: 0; text-align: left; font-size: 12pt; line-height: 1.5; margin-bottom: 1=
0px; Margin-bottom: 10px;">President Biden proposes to lift the corporate t=
ax rate to 28 percent and to ensure that offshore profits of corporations a=
re taxed at a rate of at least 21 percent. Corporations would no longer ben=
efit from using accounting gimmicks to claim their profits are earned in of=
fshore tax havens where they will not be taxed. International negotiations =
at the OECD and G-20 are moving towards a global agreement to tax offshore =
profits at a rate of at least 15 percent, which would make Biden=E2=80=99s =
proposal work even better because it would reduce the gap the rate imposed =
by the U.S. and the rates imposed by other countries. However, some House D=
emocrats make a convoluted argument that the international negotiations are=
a reason for Congress to do nothing. <a href=3D"[link removed]
/emails/tracking/click-link/WPJzJebbUinEJlh9sENoodj9Iij8jPbvgoheYezvYr0=3D/=
40nff5IVT2G9D0Cu6oONA0OJmjv1jhlS1e3NoroRDX8=3D" style=3D"color: #0074d9; te=
xt-decoration: none; font-family: arial,helvetica,sans-serif; font-weight: =
inherit; padding: 0; text-align: left; line-height: 1.5;">Read more.</a></p=
> <p class=3D"graf graf--p" style=3D"color: #3c4144; font-family: arial,hel=
vetica,sans-serif; font-weight: 400; padding: 0; margin: 0; Margin: 0; text=
-align: left; font-size: 12pt; line-height: 1.5; margin-bottom: 10px; Margi=
n-bottom: 10px;"> </p> <p style=3D"color: #3c4144; font-family: arial,=
helvetica,sans-serif; font-weight: 400; padding: 0; margin: 0; Margin: 0; t=
ext-align: left; font-size: 12pt; line-height: 1.5; margin-bottom: 10px; Ma=
rgin-bottom: 10px;"><strong>Some Congressional Democrats More Focused on Cu=
tting Taxes for the Rich by Repealing the SALT Cap </strong></p> <p c=
lass=3D"graf graf--p" style=3D"color: #3c4144; font-family: arial,helvetica=
,sans-serif; font-weight: 400; padding: 0; margin: 0; Margin: 0; text-align=
: left; font-size: 12pt; line-height: 1.5; margin-bottom: 10px; Margin-bott=
om: 10px;">While Congressional Democrats remain divided over raising revenu=
e, a vocal group of the caucus demands the repeal of the one provision in t=
he Trump tax law that restricts tax breaks for the rich. The combination of=
their desire to repeal the SALT cap and their apparent unwillingness to ra=
ise taxes creates a dynamic where the richest Americans could end up paying=
<em><u>less than they pay now</u></em> under the forthcoming legislation. =
<a title=3D"Read more." href=3D"[link removed]
click-link/WPJzJebbUinEJlh9sENoodj9Iij8jPbvgoheYezvYr0=3D/40nff5IVT2G9D0Cu6=
oONA-lxpGGXLu0_36dm6bzxQgU=3D" target=3D"_blank" rel=3D"noopener" style=3D"=
color: #0074d9; text-decoration: none; font-family: arial,helvetica,sans-se=
rif; font-weight: inherit; padding: 0; text-align: left; line-height: 1.5;"=
>Read more.</a></p> <p data-selectable-paragraph style=3D"color: #3c4144; f=
ont-family: arial,helvetica,sans-serif; font-weight: 400; padding: 0; margi=
n: 0; Margin: 0; text-align: left; font-size: 12pt; line-height: 1.5; margi=
n-bottom: 10px; Margin-bottom: 10px;"> </p> <p id=3D"1ac1" style=3D"co=
lor: #3c4144; font-family: arial,helvetica,sans-serif; font-weight: 400; pa=
dding: 0; margin: 0; Margin: 0; font-size: 12pt; line-height: 1.5; margin-b=
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graph><a title=3D"Read or share this story from your browser." href=3D"http=
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t=3D"_blank" rel=3D"noopener" style=3D"color: #0074d9; text-decoration: non=
e; font-family: arial,helvetica,sans-serif; font-weight: inherit; padding: =
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browser.</a></p> <p style=3D"color: #3c4144; font-family: arial,helvetica,s=
ans-serif; font-weight: 400; padding: 0; margin: 0; Margin: 0; font-size: 1=
2pt; line-height: 1.5; margin-bottom: 10px; Margin-bottom: 10px; text-align=
: center;"><span style=3D"font-size: 14px;"><em><strong>For more Tax Takes,=
follow our blog on <a href=3D"[link removed]
lick-link/WPJzJebbUinEJlh9sENoodj9Iij8jPbvgoheYezvYr0=3D/40nff5IVT2G9D0Cu6o=
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e; font-family: arial,helvetica,sans-serif; font-weight: inherit; padding: =
0; text-align: left; line-height: 1.5;">Medium</a>.</strong></em></span></p=
> <p style=3D"color: #3c4144; font-family: arial,helvetica,sans-serif; font=
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t: 1.5; margin-bottom: 10px; Margin-bottom: 10px; text-align: center;">&nbs=
p;</p>=20
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<figure style=3D"margin: 0 0 1rem; Margin: 0 0 1rem;"></figu=
re> <p style=3D"color: #3c4144; font-family: arial,helvetica,sans-serif; fo=
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ze: 12pt; line-height: 1.5; margin-bottom: 10px; Margin-bottom: 10px;">&nbs=
p;</p> <p style=3D"color: #3c4144; font-family: arial,helvetica,sans-serif;=
font-weight: 400; padding: 0; margin: 0; Margin: 0; font-size: 12pt; line-=
height: 1.5; margin-bottom: 10px; Margin-bottom: 10px; text-align: center;"=
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link/WPJzJebbUinEJlh9sENoodj9Iij8jPbvgoheYezvYr0=3D/40nff5IVT2G9D0Cu6oONA7J=
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erif; font-weight: inherit; padding: 0; text-align: left; line-height: 1.5;=
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The Latest Take from Citizens for Tax Justice
Biden’s Tax Agenda in Peril as Congressional Democrats Respond to Lobbyists
Former Democratic Senator Heidi Heitkamp Paid to Reverse Her Position on Capital Gains
While speaking on national television four months ago, Heidi Heidkamp, former senator from North Dakota and a Democrat, criticized the “stepped up basis rule” allowing people like Jeff Bezos to avoid paying taxes on their real income. Today she is paid to promote the opposite view and lobbies against Biden’s proposal to repeal that unfair tax loophole for the wealthy. Read more.
Group of House Democrats Say International Tax Negotiations Justify Inaction by Congress
President Biden proposes to lift the corporate tax rate to 28 percent and to ensure that offshore profits of corporations are taxed at a rate of at least 21 percent. Corporations would no longer benefit from using accounting gimmicks to claim their profits are earned in offshore tax havens where they will not be taxed. International negotiations at the OECD and G-20 are moving towards a global agreement to tax offshore profits at a rate of at least 15 percent, which would make Biden’s proposal work even better because it would reduce the gap the rate imposed by the U.S. and the rates imposed by other countries. However, some House Democrats make a convoluted argument that the international negotiations are a reason for Congress to do nothing. Read more.
Some Congressional Democrats More Focused on Cutting Taxes for the Rich by Repealing the SALT Cap
While Congressional Democrats remain divided over raising revenue, a vocal group of the caucus demands the repeal of the one provision in the Trump tax law that restricts tax breaks for the rich. The combination of their desire to repeal the SALT cap and their apparent unwillingness to raise taxes creates a dynamic where the richest Americans could end up paying less than they pay now under the forthcoming legislation. Read more.
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