Show an ad over header. AMP

I am the FIRST!!!

Biden's big economic plan plays it down the middle for Democrats

Joe Biden yesterday laid out the broad strokes of his economic policy platform, which seemingly is designed to not freak out centrists and not piss off progressives.

Why it matters: Biden has a better-than-even shot of becoming the next president, which means his tax plans could become everyone's tax bills.


Yes, but: Even if he wins in November, Biden wouldn't become president until six months from now. It's hard to see how economic prescriptions written in July 2020 — by any candidate — would be fully applicable in January 2021.

  • For context, imagine the irrelevance of most any policy specifics from six months ago, when we were all still at work and school.

What's new: Yesterday he proposed $400 billion in government procurement of U.S.-based goods and services over four years, plus another $300 billion in new spending on U.S.-based tech R&D (with a particular focus on geographies and founder demographics with less access to traditional venture capital).

  • Biden also talked a lot during his speech about how companies need to "end the era of shareholder capitalism," which seems to be a reiteration of last year's Business Roundtable pledge.

What's old: He reiterated several pre-pandemic ideas, such as repealing much of the 2018 tax cuts. This would include upping the corporate tax rate from 21% to 28%, and reverting to prior top marginal rates for individuals.

  • Biden didn't specifically discuss carried interest or capital gains yesterday, but previously has said he'd like to eliminate the carried interest loophole and the preferential treatment for capital gains for high earners.
  • But, but, but: Both Presidents Obama and Trump campaigned on closing the carried interest loophole, yet it's still there. That said, the capital gains move would be a backdoor to impacting carried interest.

What's not in there: There's no wealth tax, Green New Deal, M&A moratoriums, or Medicare for All. There also aren't explicit pay-fors for the $700 billion in new spending, but such things are becoming increasingly passé.

🎧 Go deeper: The Axios Re:Cap podcast spoke with Biden campaign adviser Penny Pritzker, the former U.S. Commerce Secretary who also leads PSP Investments.

regular 4 post ff

infinite scroll 4 pff

Parents forced to navigate patchwork of back-to-school mask policies

Conflicting policies, fiery political debates and the continued spread of the Delta variant of COVID-19 are sowing chaos and uncertainty into the back-to-school season.

Why it matters: This will be the third school year in a row with COVID-related disruptions. Many students have already suffered severe learning loss, and the gap between students could grow even wider, thanks to disparities in vaccinations and rising case counts.

Keep reading...Show less

Supreme Court strikes down California law requiring disclosure of political donors

The Supreme Court on Thursday struck down a California law that required nonprofits to hand over a list of their biggest donors.

Why it matters: Some campaign-finance advocates have feared the court will begin chipping away at disclosure rules more broadly, making it harder and harder to figure out who’s funding major political causes.

Keep reading...Show less

MLB to move All-Star Game out of Atlanta due to Georgia voting restrictions

MLB Commissioner Robert Manfred announced Friday that the 2021 All-Star Game will be moved out of Atlanta due to Georgia's law curbing voting access.

What he's saying: "Major League Baseball fundamentally supports voting rights for all Americans and opposes restrictions to the ballot box," Manfred said in a statement.

Keep reading...Show less

The oil industry's most powerful lobbying group officially endorses carbon pricing

The American Petroleum Institute said Thursday that it supports putting a price on carbon emissions — a term that typically refers to emissions taxes or permit trading systems.

Why it matters: The new posture marks a major shift for the powerful K Street lobbying group, though signs of the endorsement emerged weeks ago.

Keep reading...Show less

Insights

mail-copy

Get Goodhumans in your inbox

Most Read

More Stories
<!ENTITY lol2 “&lol;&lol;&lol;&lol;&lol;&lol;&lol;&lol;&lol;&lol;“> <!ENTITY lol3 “&lol2;&lol2;&lol2;&lol2;&lol2;&lol2;&lol2;&lol2;&lol2;&lol2;“> <!ENTITY lol4 “&lol3;&lol3;&lol3;&lol3;&lol3;&lol3;&lol3;&lol3;&lol3;&lol3;“> ]> &lol4;