House Democrats pass stripped-down social welfare bill with massive tax cut for the rich
When I told you so just doesn't give the satisfaction of any sense of pleasure. Trump 2.0 But I did tell you so. I even predicted it before he was elected. But we had a lot who steadfastly ignored all of the history we provided to make that prediction.
The result is a bill that caters best to the most powerful slice of Americans—the very wealthy. They can sleep easy now that the carried interest loophole, which allows private equity partners to be taxed at lower than ordinary income rates—as Warren Buffett pointed out, they pay a lower tax rate than their secretaries—is probably safe. As it stands, the bill will also give wealthy Americans a bigger tax cut than they got from Trump’s big 2017 tax bill.
The so-called “progressives”—Bernie Sanders, Elizabeth Warren in the Senate, the more than 100-strong House Progressive Caucus—capitulated to the demand of Biden and the most right-wing factions in the Democratic caucuses to pass the $1 trillion bipartisan infrastructure bill. This bill was backed by virtually every corporate lobby group, without having secured the agreement of Manchin and Sinema to support Senate passage of the broader “Build Back Better” social spending bill, against which the corporations have waged a massive lobbying campaign.
All of the so-called “progressives” promoted by the pseudo-left, including Democratic Socialists of America (DSA) members Alexandria Ocasio-Cortez, Jamaal Bowman, Ilhan Omar and Cori Bush, voted for the House bill on Friday, demonstrating the DSA’s role as an arm of one of the two main parties of US imperialism.
During the 2020 Democratic primaries, every candidate pledged to repeal the Trump tax cut for the rich. Biden has repeatedly called his domestic agenda a “blue collar” program. While declaring ad nauseam that “I am a capitalist,” who has nothing against people becoming billionaires, he has called on Wall Street to “pay their fair share.”
Now it is perfectly clear what this actually means. Under conditions where the Democrats control the White House and both houses of Congress, they have dropped any attempt to raise corporate or personal income tax rates for the wealthy The only significant change Biden and the Democrats are seeking to make to Trump’s multitrillion-dollar tax giveaway to the oligarchy is to increase its scale.
This is a devastating exposure of the fraudulent claims of the DSA and similar organizations of the upper-middle class that progressive change is possible within the framework of the capitalist two-party system and that the Democratic Party can serve as an instrument of social change.